INNOVATIONS IMPACT IN AUDIOVISUAL INDUSTRY
The evolution of the web has always left a significant footprint on the audiovisual industry. From the early days of dial-up connections streaming low-resolution videos to the on-demand services of Web 2.0, the internet has always shaped how we consume media. Now, as we venture into the era of Web3, or the decentralized web, we are witnessing a profound transformation in the audiovisual landscape. This new paradigm is being catalyzed by blockchain technology, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), and the metaverse. In this article, we explore how Web3 is revolutionizing the audiovisual industry.
Blockchain Technology and NFTs: Reshaping Copyrights and Ownership
Blockchain technology is beginning to reshape the traditional models of copyright and ownership in the audiovisual industry. NFTs, in particular, provide a way to create digital scarcity and proof of ownership for digital content.
For instance, films and series are now being tokenized on the blockchain. “New Kids on the Blockchain,” a documentary released in 2021, made headlines as one of the first films to be distributed as an NFT. This novel approach allows filmmakers to have complete control over their content’s distribution and enables consumers to own a piece of the film they love.
Moreover, creators can tokenize individual scenes, dialogues, or even frames of their work, allowing fans to purchase and own these unique tokens. In turn, this creates a new revenue stream for creators and a novel way for fans to engage with the content.
Decentralized Finance (DeFi): Democratizing Film Financing
Web3 is also enabling new ways to fund audiovisual productions. Traditional film financing has long been an arduous and exclusive process, but DeFi mechanisms are poised to democratize it.
Platforms like Mogul Productions are leveraging blockchain technology to facilitate decentralized film financing. By utilizing a STARS token, Mogul allows its community to vote on which films receive funding, thus giving power back to the audience. This not only democratizes the process of film financing but also promotes a more direct relationship between filmmakers and their audience.
The Metaverse: Creating Immersive Experiences
The rise of the metaverse is redefining how audiences interact with audiovisual content. No longer are audiences merely passive consumers; they are active participants in the narrative.
Companies like Netflix have already begun to experiment with interactive films like “Black Mirror: Bandersnatch,” which allows viewers to decide the storyline. However, with the rise of the metaverse, these experiences are becoming more immersive.
As an example, Warner Bros. partnered with Roblox to promote the release of “In the Heights” by creating a virtual block party within the game, complete with a Q&A with the film’s cast. These immersive experiences suggest a future where films and series could be experienced within metaverse environments, adding a new layer of interactivity.
