Director Steven Soderbergh has always been on the forefront of experimental ways to create films. He was one of the first filmmakers to embrace the digital revolution, and even shot two of his films on iPhones. Now, Soderbergh plans to help finance films using blockchain technology.
Simply put, blockchain is a decentralized way to record information. IBM describes it as a “digital ledger system stored across a variety of networks. A system that could be programed to record and track anything of value.”
Through his production company Extension 765, Soderbergh provided Decentralized Pictures with $300,000, intended to help up-and-coming filmmakers finish their feature films or shorts. Decentralized Pictures is Roman Coppola’s non-profit company, which utilizes the blockchain to provide financial support to filmmakers. Soderbergh told Indiewire:
“As with a lot of things I’ve done, it’s kind of an experiment. Part of my interest in this was to really get under the hood of how this is supposed to work to see if it really does work. Because for me, it’s still an open question, only because anything that was invented by a human being is probably at some point going to have the flaws that a human being has. I really want to get up in the grill of this blockchain approach or structure to see if it’s going to do what it’s supposed to do.”
According to their website, Decentralized Pictures
“is a nonprofit organization based on an idea that artistic talent may be discovered in innovative ways. Through user consensus we have set up a democratic film fund, online community of creatives, film-fans, and industry professionals who will decide who is most deserving of our support. Submit your idea, and if the world agrees with you, we’ll help you make it.”
Soderbergh is no stranger to finding innovative ways to finance his own films; he famously funded his film Logan Lucky himself through foreign pre-sales. Now, he sets his sights on using the blockchain to efficiently and democratically find the best unknown talent.
“I feel much more confident that we will be identifying real talent more efficiently than if we were just going off scripts.”
Coppola co-founded Decentralized Pictures with Leo Matchett and Michael Musante. Sofia and Gia Coppola serve on the board. They hope this new blockchain-based model will create a more equitable way to support unknown filmmakers. Roman Coppola had this to say about Soderbergh’s contribution:
“Making a film can be a complicated and costly endeavor, by giving support we can kickstart opportunities for people who might feel left out of the usual ways of financing. Mr. Soderbergh’s award is an extraordinary resource for new generation filmmakers to express themselves.
You can visit Decentralized Pictures for more information.