London-based FilmChain has successfully raised £2.8 million in funding to bolster its operations. The funding round, led by Holt IntersXion fund and backed by investors like Roca X, DeBa Ventures, TechAngels Romania, and HearstLab, marks a significant milestone for the company.
Co-founded by Maria Tanjala and Irina Albita, FilmChain offers a digital platform known as Collection Account Management (CAM) to streamline payments for stakeholders in the film and TV industries.
With plans to expand operations, particularly in North America, FilmChain aims to further enhance its services and reach new heights in the global entertainment landscape.
FilmChain, a leading fintech solution, is changing the game in how money flows from point of sale to rights holders’ pockets within the film industry. Offering transparency, real-time transactions, and a streamlined process free of friction and cryptocurrency, FilmChain is making financial management in entertainment smoother than ever before.
FilmChain is revolutionizing the film industry by addressing its traditional challenges of slow, manual, and opaque payment processes.
With research indicating that a significant portion of film and TV revenues go underreported and payments are often delayed or never reach their intended recipients, FilmChain is stepping in to combat these issues.
The company aims to bring automation and transparency to film revenue distribution, countering the prevalent practice of ‘Hollywood accounting’, where middlemen manipulate revenue flows for personal gain.
Since 2017, FilmChain has been at the forefront of exploring blockchain technology’s potential in the media industry.
Collaborating with esteemed academic institutions like Imperial College London and the University of Toronto, the company has delved into blockchain’s promises of efficiency, transparency, and automation.
By leveraging blockchain’s decentralized and cryptographically secure nature, FilmChain has developed a system that ensures transparent and real-time revenue distribution, free from the delays and inaccuracies of traditional methods.
However, FilmChain acknowledges the challenges associated with blockchain adoption, including industry misperceptions and technical complexities. Through meticulous research and development, the company has navigated these hurdles, prioritizing long-term value over short-term gains.
By utilizing smart contracts and non-fungible tokens (NFTs), FilmChain aims to streamline rights management and revenue distribution, empowering stakeholders with verifiable ownership and transparent transactions.
Looking ahead, FilmChain envisions a future where blockchain infrastructure becomes ubiquitous across the film industry, revolutionizing how revenues are managed and creating new opportunities for stakeholders.
At the core of FilmChain’s operations is its robust system, powered by a combination of smart contracts and trusted banking partners. This secure and transparent platform ensures that funds are collected and allocated efficiently, from the moment of sale to the final payout to rights holders.
Key Features of FilmChain include:
- Collection Service: FilmChain operates as the first automated, cloud-based collection system.
- Collaboration Enablement: The platform facilitates consensus gathering and governance creation among all project stakeholders.
- Legal Support: FilmChain provides the Collection Account Management Agreement (CAMA) to ensure legal compliance.
- Clarity and Transparency: Users benefit from visualized recoupment schedules, instant withdrawals, and access for signatories to verify transactions and payment splits.
- Deadline Management: Rightsholders receive assistance in tracking and chasing due payments.
- Automatic Statements: Real-time bank statements are generated, streamlining financial reporting.
- Direct Payments: FilmChain settles payments directly into bank accounts in fiat currencies, ensuring timely and hassle-free transactions.
- Source Tracking and Performance Evaluation: The platform enables the tracking and management of collection sources and rights, while also providing machine learning insights and revenue analysis.
Recognized for its innovation and impact, FilmChain has received numerous accolades, including the Blockchain Founder of the Year award and the UK Tech Founders Award in 2018.
With a dedicated team of industry experts and advisors, FilmChain is poised to continue its transformative journey in the film industry.
