Demand Film from Australia has launched a digital currency in a move meant to reward crypto users who promote as well as movie trailers. The company announced the launch of the new cryptocurrency called ‘Screencreds,’ days before it launches in Germany.
The impact of cryptocurrency and blockchain to the film industry
The launch of the new digital currency is one among many examples that show how cryptocurrency and indeed the entire blockchain industry continue to play a big impact in the film industry.
Demand Film, which was launched in 2016, has its operations in a majority of the English-speaking world. The company mainly organizes single-event theatrical screening for documentaries and feature films. These movies are produced basing on the level of demand among online users. The launch into Germany will mark the company’s first entry into a non-English speaking country.
Using cryptocurrencies to promote the film industry
In a statement during the launch, David Doepel, the CEO and managing director of Demand Film said they launched the cryptocurrency so as to use it to promote the film industry. In particular, the company will use the cryptocurrency to promote its films.
In the new program, the company will reward users Screencreds tokens for watching or sharing trailers for all Demand Film releases. According to Doepel, the trokens paid out will be based on the rate of conversion between the people who view the films and those who end up buying tickets. The payout will be based on the number of people who buy tickets after watching the trailer.
Users will be able to redeem the Screencreds tokens for tickets to attend Demand Film events. The events may include meet-and-greet opportunities, film screening among other VIP events. In addition, Doepel said that the crypto could be made available for trade on Australia’s NCX exchange in the near future.
In addition to rewarding loyal film fans, the company has launched the digital currency so as to test the possible use of the crypto to pay royalties in the future. Currently, the company is working on a revenue structure that will pay filmmakers a fraction of the revenue from ticket sales.