Ontology and MovieBloc, a new participant-centric film distribution platform, announced their partnership earlier this week on the eve of TOKEN2049 in Hong Kong. MovieBloc will use Ontology infrastructure for their new platform and Ontology will support MovieBloc with capital, marketing, and operations as a core partner.
MovieBloc is a reverse ICO project driven by the Korean video streaming platform Pandora.tv. Founded in October 2004, Pandora.tv runs and operates three major content-related services: the first video streaming platform Pandora TV, the most-downloaded multimedia player KMPlayer(with over 800 million downloads), and the fast-growing advertising network and exchange PRISM. With these services, experiences, and Ontology blockchain technology, MovieBloc aims to create the biggest and most participant-centric film ecosystem.
While the overall film consumption market is growing, the industry is dominated by conglomerates with a vertical integration among production, distribution, and exhibition. Biased screen allocation toward in-house films is making it harder for filmmakers to get a proper distribution and exhibition opportunities, and the consumers’ right to free-choice of diverse content is lost.
The MovieBloc project started out to solve these problems with blockchain technology. Creators will get a transparent revenue share, audience data, and equal screening opportunity; the viewers will access diverse films and content, and get rewarded for providing curation, subtitles, and marketing materials to the community.
Chris Kang, CEO of MovieBloc, said:
“Streaming technology and platform operation experiences from Pandora.tv, the huge active user base of KMPlayer, and Prism’s experience in the AD market are the key strengths of MovieBloc to achieve its vision. With a close partnership with the Ontology Foundation, MovieBloc will bring change to the video industry”.
While the overall market is growing, the industry is also dominated by conglomerates with a vertical integration among three phases: production, distribution, and exhibition. This integration causes barriers in the industry, such as biased screen allocation, as the business is mainly focused on obtaining a wider audience for stronger revenues. The filmmakers and audience are the main victims of this effect. The filmmakers are asked to produce films only with a high probability of commercial success. The consumers’ right to enjoy various and free-choice content is lost.
MovieBloc will solve those problems with its blockchain technology. In the long-term, MovieBloc’s will decentralize the monopolistic, conglomerate-dominated film industry to create one that is participant-oriented.
By co-working with KMPlayer, a multimedia player with over 300 million users, MovieBloc will not only provide film producers with an equal opportunity to create and show their films, but also bring various movies at a reasonable price to MovieBloc users.