- Mogul Productions leverages Chainlink’s decentralized oracles to democratize film financing.
- By creating a blockchain-based ecosystem, Mogul will support independent filmmakers and financiers.
Mogul Productions is a decentralized film financing and profit-sharing platform preparing for its v1 launch. With the help of a newly formed partnership with Chainlink, the largest decentralized oracle provider, Mogul will be able to bring off-chain data to its blockchain. Now that the platform can verifiably integrate movie budget and profitability data, its users can receive audited, fair market dividends for their film investments. This will all take place in a more accurate and transparent way than ever available, creating an opportunity for anyone to contribute to a film’s production and receive proportional dividends from its success.
Chainlink provides the missing link
Chainlink’s decentralized oracles have already been tested and demonstrated on many other blockchains, with the integration process now relatively standard. Without Chainlink’s oracle connections, it would be extremely challenging to verifiably track all expenses for all parties, even with an independent auditor. This integration will support data feeds to Mogul’s smart contracts, a necessary step to ensure everyone gets paid their dues. Chainlink will also provide Mogul users with reliable exchange rate data on payouts, an essential factor since users receive cryptocurrencies as their return.
Commenting on the partnership, Mogul Productions co-founder and Emmy-nominated producer David Cormican, stated:
Blockchain, when applied to the film industry, can provide financial transparency for investors when it comes to project expenses, crew, cast, and vendor payments and more importantly— profit-sharing. Currently, these are all very manual processes that happen behind the scenes. By bringing verifiable off-chain data to the blockchain through our integration with Chainlink, we can provide our investors enhanced transparency, while protecting the privacy and confidentiality of our cast and crew.
The potential for democratically financed film projects is largely unexplored, and with the help of an already established audience that will participate in the funding of the movie, the organic reach of blockchain-financed films could change the industry. Financing, marketing, and promotion can all be placed in the hands of everyday users, creating a product determined by the free market that rewards genuine creativity and film production.
Mogul is changing the infrastructure of film finance
Making movies can be a very precarious business, but occasionally an extremely profitable one. The industry is currently cornered by market elites, making independent film production harder than ever, especially when it comes to raising the necessary funds. With the lack of standardization and high closing costs, Mogul has created a platform to support independent filmmakers and financiers. By creating a blockchain-based film financing ecosystem, Mogul can make the production process much more efficient and at a lower budget than legacy institutions allow.
Mogul has developed an independent, crowd-powered reward system, allowing filmmakers to start curating their audience at the script level. Previously, this would require a costly marketing effort, especially coming from an independent production, but Mogul can offer a grassroots promotional community with the goal of spreading awareness of the forthcoming film. These initial fan sentiments, previously unavailable to filmmakers of this stature, will allow Mogul and film distributors to develop more reliable predictions as to the film’s potential return on investment.
One of the previous drawbacks to distributed film financing was the absence of financial transparency. Mogul has implemented a system that tracks transactions all across the production process, allowing for more straightforward data analysis, accounting for revenue, and the eventual distribution of profits. To guarantee neutrality, Mogul will use a Collection Account Manager (CAM) as an unbiased, third-party auditor. For CAM to conduct transactions and distribute profits to financiers, Mogul needs a decentralized oracle like Chainlink that relays data to the appropriate smart contracts. This will allow for the transparent distribution of film profits, a critical step ahead of Mogul’s alpha platform launch.
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