Two Hollywood veterans are betting on the future of the entertainment industry with non-fungible tokens (NFTs), which are becoming art.
Roger Birnbaum, owner of Spyglass Entertainment and former co-CEO of MGM, worked with Mark Kimsey of Atmosphere Entertainment, a descendant of AOL, to set up a new film production company called Electromagnetic Productions (EMP).
This venture offers movie fans the opportunity to make movies through NFTs seen in cryptocurrencies.
“We always wanted to launch an entertainment company focused on building the best connections with our audience,” Birnbaum explained to Yahoo Finance. “We invite consumers to be part of the art of creating entertainment content, whether it’s movies or television.”
The newly established film and television production studio aims to create a community for feedback on film production by selling membership to the studio through NFTs. The membership program offers the opportunity to participate in the production of movies and television. NFTs also serve as tickets for special experiences such as live performances, special interviews and community events.
Birnbaum said the goal of EMP is to engage members as quickly and frequently as possible by prioritizing community feedback and using those insights to create the most compelling content. ..
“The beauty of what we do is two-way, as the Electromagnetic Productions community is a place where artists can interact and interact with their viewers and build deeper, more meaningful connections. It’s a road, “he explained.
Birnbaum, who produced more than 90 feature films such as “Rush Hour,” “Hustle,” “Geisha’s Memoirs,” “27 Dresses,” and “Sea Biscuits,” won 28 Oscar nominations and three Academy Awards. I am.
“Deeper and richer fan experience”
In the long run, studios want to build an NFT community and get external feedback to create deeper connections with their audience.
Birnbaum and Kimsey are primarily focused on deepening fan involvement and believe that revenue and profits will continue to be achieved by creating better projects based on feedback as well as NFTs.
“It’s all about the experience of deeper and richer fans and artists,” says Kimsey, who launched the filmmaking company Atmosphere Entertainment as an investment banker.
“In this new world where the entertainment industry continues to evolve into the metaverse, production companies that can create great content, integrate communities, better understand and connect with them are more valuable,” he added. ..
Whenever a movie studio makes a production, executives see if there is an NFT application and another opportunity to gain momentum around new movies and TV shows. EMP has an active pipeline of 50 film and TV projects at various stages of development.
The company has just dropped 10,000 NFTs and plans to drop another for NFT members in the studio. Birnbaum and Kimsey say that only 10,000 NFTs will be offered and will be available for various purchase window periods that match the offerings of new productions, arts, or events.
Persons who have purchased a membership will only be able to access the offering at the time of purchase and will not be eligible for access from previous NFT Drops. This means that early members will have the most access to the offerings when they first join and then announce, so they will enjoy the greatest value and benefits.
On March 28, EMP will auction members a bid opportunity to participate in the Cannes Film Festival. This includes round-trip airfare, accommodation at Hotel Ducap in France, film screenings, private parties and other opportunities to participate in behind-the-scenes activities during the festival.
“We are passionate about expanding the reach of our viewers and providing the community with access to exclusive content, as well as the opportunity to be part of the process from both a creative and business perspective. We are pouring, “says Birnbaum.
NFTs can be $ 1,000. Regular customers need to set up a wallet on their website to make purchases using their credit card, but they don’t need to use cryptography.
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