A crowdfunding platform is fundraising $50m to create a new community-powered film, TV and content network to rival the likes of Netflix’s subscription service.
LiveTree, which is raising the money through a token sale commencing on 1 December, said the aim of LiveTree ADEPT is to disrupt the global entertainment industry using blockchain technology.
The new end-to-end platform will allow consumers and professionals to own what they watch and play a part in the process of creating, funding and distributing film and TV.
Stnadard legal contracts involved in the production, financing and distribution of film and TV will be replaced with blockchain-based ‘smart contracts’ – a move which will reduce costs while fostering fan community engagement.
The process of owning and sharing video intellectual property will be moved to the blockchain, opening possibilities for the general public to own what they watch.
Meanwhile, LiveTree ADEPT will also use a digital token to replace subscription fees, legal fees and funding costs. It also encourages community growth by allowing people to gamify the process of production, participating and promoting the content they watch.
“By using the blockchain to connect and discover talent and suppliers and remove complex and costly contracts in production, we will generate a truly community-driven network approach to developing and producing content,” said chief executive Ashley Turing.
Dr Jamie Ward, co-founder and technical officer for LiveTree, added: “LiveTree ADEPT uses Blockchain technology, which is ideal for this platform.
“One of the more powerful things about Blockchain is it allows you to set up peer to peer contracts between all of the people involved in a new creative project – such as a film – so that the directors, actors and all of the people involved down the chain from the very outset can be set in contract using the Blockchain.”
LiveTree has operated a film, TV and content business for the last two years and captured 5 per cent of the UK entertainment crowdfunding market.
It has established several partners including The British Film Institute, Red Rock Entertainment, the Screen Arts Institute, and 14,000 industry suppliers worldwide.