The entertainment industry was one of the worst-hit industries at the onset of the pandemic. Suddenly employment froze. No one had work. No one was filming. From the producers up to the lowliest gaffers or sound engineers, everyone from the film outfit lost their jobs. Until better recommendations on how to handle the situations came in, lock-in tapings and shootings, enclosed areas, less contact among the crew, and PPEs and regulation of face masks and face shields. Funding films has always been the director’s most challenging task.
Emerging technologies have now given filmmakers options where they can source finances. All these tools help the film creators take things differently and even make things less expensive. In recent years, one can find the technology to boost the filmmakers and develop some exciting investment sources. With the help of a few crowdfunding websites like Indiegogo and Kickstarter, one can find freelance filmmakers getting the chance to take a plunge in the filmmaking industry. These sites have helped the filmmakers to get money to make their films and allow people to help them in a big way.
We can see the filmmakers coming up with 90 percent of their money, even for the project. Crowdfunding websites play an essential role in funding filmmakers to allow them the film they want to make. Today, we have seen “CrowdfundingCrowdfunding” as a viable choice for getting the movies financed with their increasing amount of competition, as seen for the pledges. This trend started way back in 2016 when the groups like Indegogo getting hooked with groups like MicroVentures.
With “CrowdfundingCrowdfunding” came the digital currency to the filmmakers for their ventures, which primarily deals only with bitcoin. BTC remains the popular digital currency, and it is regarded as the best and the most valuable option for more and more people today. There can be too many reasons with overwhelming popularity, like digital currency and with simple value. It is just in recent times when we have seen Bitcoin finally breaking up the hurdles when it comes to raising the value of the same by 50 percent compared to the earlier months. Bitcoin has witnessed a sea change in recent years. It has even introduced a huge 64K USD and has gained hugely in terms of popularity in the market. One of the best parts of digital currency is that anyone interested in looking back simply gets rich only through the technology that backs it.
We have seen both BTC and ETH also functioning like digital currencies where the people get the chance to send their money to another without involving banks or government. The fact of the matter is that money is nothing but a digital currency. With this, one can find several filmmakers now collecting their payments even from the donors who are keen to finance their projects are now coming up with the help of digital currency. People with good knowledge about blockchain cannot deal efficiently with BTC and other digital coins like ETH. Many of their contracts are now seen leveraging digital currencies, and thus, one can find this facilitating the exchange of the users in a big way.
When it comes to financing any film with the help of Bitcoin or any other digital currency, this seems to be a big reality now. The reasons are obvious; several filmmakers are now coming up with their film budgets using crowdfunding exercises. These are simply managed by digital money, as one can see it getting into the contracts. Even if you know the money is coming via CrowdfundingCrowdfunding, it can be quickly done with the help of digital coins like BTC or ETH. With films like Braid, one can see it as a classic example of a filmmaker using bitcoin and other digital currencies like ETC to raise funds to make the film. As per reports, 1.4 M USD was raised using digital currency options.