TORONTO – Groupe Média TFO showed off its new blockchain royalty model for audiovisual content to international producers earlier this week at the Berlinale European film market.
Profiled by Cartt.ca last August, TFO's Blockchain project has the potential to transform digital cultural production management to truly value the creativity of audiovisual content, the French-language educational content provider said. The initiative uses intelligent contracts, accuracy guarantees for consumption statistics, inalterable traceability of credits and attribution, ease of creation and transparent presentation of user reports and royalties and license revenue distribution reports with investors.
The Blockchain TFO project targets the entirety of players from the digital cultural products industry, especially those working on movies, TV shows and digital content, and Groupe Média TFO added that it will begin testing its prototype starting next month.
"It is a privilege to be here, at the Berlinale, to discuss and collaborate with our colleagues in the field to transform and remodel, in depth, the way digital cultural productions are credited and attributed”, said Groupe Média TFO president and CEO Glenn O'Farrell, in a statement. “The media industry is transforming. Blockchain technology will allow us to stimulate the audiovisual creation industry through values of transparency, security, democracy and decentralization. As a producer, aggregator and distributor of audiovisual content, we want to participate in valuing Canadian cultural works, including our own, while expanding their accessibility and visibility."
"We are bringing a whole new method for distribution that focuses on bringing trust to distribution channels and connecting to viewers, no matter where they are in the world, to open unimaginable markets”, added Romeo Ware, CEO and co-founder of Three Lefts, a research and development studio of emerging technologies focused on the blockchain. “By being able to pay all residual and royalty contracts across the whole ecosystem of a film in a matter of seconds, the impact of this platform is felt by every single moving part of the production and can trust that you will be paid accordingly to your contract. This opens whole new avenues for raising capital and distribution channels to every corner of the globe.”
Groupe Média TFO’s blockchain project is the first presented by a TV broadcaster to be financed by the CMF as part of its Experimental Stream Innovation Program. Canada is among the countries that have recognized the potential of new blockchain technologies, addedGroupe Média TFO.
