During the ongoing 28th Golden Rooster and Hundred Flowers Film Festival in Xiamen, China, Li Jie, Senior Vice President of Alibaba Pictures, noted that blockchain was crucial in propelling the growth of the Chinese film industry.
He acknowledged that it was no longer in oblivion that blockchain was transforming various industries, and the film sector was not an exception.
Li revealed that Alibaba Pictures is producing a new film titled, “Striding into the Wind,” and it has gotten into a memorandum of understanding with SingularDTV, whereby the payment for the overseas distribution rights of the film would be made via a blockchain token.
During the discussion, Li was asked why Alibaba still chooses to make films. He responded: “Because the film industry has unparalleled influence. When we calculate the economic impact of the film industry, we should calculate the huge benefits and influence that movies bring to society and the relevant economies.”
Li ascertained that blockchain was instrumental in improving the efficiency of filmmakers and film business practitioners. Additionally, it presented long-term strategic cooperation between top film companies.
Nevertheless, he pointed out that the real challenge faced by the film industry entailed attracting the public to watch a film as compared to playing online video games. It is the reason why Alibaba Pictures was leveraging on emerging technologies, such as blockchain, to tackle this difficulty.
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