When Hollywood-based Ficto, a new mobile-first short-form premium-video streaming platform, launches this summer, expect the latest overhaul in the ever-evolving history of TV – the pioneering adoption of blockchain technology.
Fiction Riot, owner of the subscription-funded Ficto, is collaborating with high-profile experienced and digitally savvy creators and actors, like film star Jackie Chan, to produce quality serialized entertainment targeted at millions of digital natives.
The ambitious company is forging two tech-centric approaches to develop Ficto. First, it is delivering what it calls fast fiction, which comprises short-form stories told through native mobile functions like vertical video, 360° viewing, Augmented Reality, chat, instant messaging, livestream, and more. The second is the incorporation of blockchain, which is already known for being the foundation of the cryptocurrency (electronic currency) called Bitcoin.
It is expected to do for financial accounting and royalties collection what the smartphone has done to put the power of legacy room-sized computers inside our pockets.
In a TechMutiny interview, Fiction Riot’s CEO/Co-Founder Mike Esola (pictured, below) says blockchain and its smart contracts (as opposed to paper contracts) promise to untie the knots constantly tangling up the royalties due to artists.
“Recording transactions over blockchain’s secure and encrypted platform addresses some of the broader entertainment-industry challenges related to content production and compensation,” Esola says.
For more about blockchain tech’s impact on video/TV entertainment, download TechMutiny Issue No.18