Could Mogul Productions Become the Bitcoin of Film Financing?
(backstage.com)
As we close the book on this film awards season and look ahead to the next, Mogul Productions (from Emmy-nominated producer David Cormican) is looking way beyond that. The platform, which just officially launched in March, began with the impetus to decentralize both film financing and power from Hollywood’s long-standing gatekeepers. Cindy Cowan, head of project procurement, spoke with Backstage about how early career filmmakers can take advantage of Mogul’s game-changing support and why she isn’t scared of the old guard’s resistance: “People are just not in the capacity to be ripped off anymore.”
For those who don’t know, what is Mogul Productions?
Mogul is a decentralized film financing platform, which means that it basically uses blockchain to finance films and engage fans [with] all the screenplays that we ultimately pick, and the way that financers can get their money back. If somebody doesn’t understand blockchain, it’s a way to actually protect financers in a way that they haven’t been protected before. Any dollar amount is put into a chain—imagine a gold chain—and whether you put in $20, $200, $2 million, your money comes out at the same time along the chain. So there’s no possibility of doing what the old studio systems used to do: kind of hiding money or ripping people off or saying, “Sorry, all this money went into marketing. There’s nothing left.” Because even the marketing money—any money whatsoever—has to go into the chain.
By: Casey Mink
Continue Reading at backstage.com
