Feb. 1, 2019
Fiction Riot, a startup specializing in short video, is partnering with Decent, a provider of blockchain technology, to create a "smart contract" platform that pays royalties directly to artists.
Fiction Riot is looking to disrupt the traditional model of Hollywood payment, by making instant, transparent payments for content streaming on its Ficto platform, according to a press release. The payments will be made on DCore, the Decent blockchain platform that runs up to 2,000 transactions per second.
"Streaming media services predominantly pay a single, upfront fee for the right to stream an existing or original film property, which essentially cuts the artists out of royalties on content that generates heavier viewership," said Mike Esola, co-founder and CEO of Fiction Riot, in the release.
He said blockchain will help "course correct" this compensation process, by using trusted, automated smart contracts that will "take the mystery out of artist compensation."
Ficto, scheduled to debut to consumers by spring 2019, allows creators to use a variety of technologies to create immersive video, including vertical video, 360 degree viewing, augmented reality, chat and live streaming, according to the release.
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