Investing in cryptocurrency or traditional financial markets has become a more mainstream concept, with applications making it even easier for the common man to make his money work for him. Now, Proxima Media is looking to broaden those horizons by creating an investment mechanism for movies, TV and music.
The Wrap reports that Ryan Kavanaugh, the producer behind movies like Talladega Nights: The Ballad of Ricky Bobby, Zombieland and The Space Between Us, has invested $100 million in Proxicoin, Proxima Media’s crypto that would allow anyone to help support promising media properties.
The crypto, based on Ethereum, would allow for initial public offerings (IPOs) for each media property that signs up for the service. It would then allow trading of the properties on the Entertainment Stock X (ESX), a platform for speculating on the value of each piece of content.
The exciting element here is an entirely new, but perfectly understandable asset class for the average customer to invest in. “Blockchain technology is enabling new business models that unlock value in traditional industries like film financing. Global audiences can now participate as investors in tokenized offerings through a new asset class,” said Aman Johar, a consultant of Proxicoin. “We are confident that Proxicoin will create unprecedented value by establishing a marketplace for global entertainment assets.”
The chance for increased adoption, and new income sources for creative types, is undeniable. “This exchange will give ordinary consumers worldwide access to investments in their favorite movies, something they love, in a way that was previously only available to a limited few,” said Kavanaugh.
The platform already had 30 films lined up to be listed when the platform is set to launch later this year. It’s unlikely the biggest blockbusters, like Marvel’s Avengers or John Wick 4, would show up in the list, as they already have plenty of funding from their corporate backers, but this does provide a unique chance for smaller film makers to find funding for more innovative ideas.
Hollywood isn’t a total stranger to cryptocurrency. Crypto, a thriller about money laundering, is currently filming with stars Kurt Russel and Liam Hemsworth. We’ll have to wait and see what kind of light the movie sheds on the industry.
Regardless, with a chance to make more money and take some of the financial pressure off of themselves, Hollywood producers are more likely to take a liking to cryptocurrency technology when they realize what Proxicoin can do for them.
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