At the moment, independent film productions and specifically co-productions lose on average an estimated minimum of 10% of their budgets through corruption and embezzlement. Multiplied by several thousands of films per year on budgets ranging from US$1m to US$60m, this represents several billion USD misappropriated from film investments.
These practices affect cast and crews who seldom get paid in full (or in some cases at all) and on time for their services. However, this is an environment where technology and machines are not running the show. Instead, they accompany us in a true and deep change of mindset that we think the creative industry truly needs.
What Is Lumière?
By using immutable and transparent features of blockchain, Lumière Project aims to put film investors in control of their capital throughout the entire film production process. In addition, they want to place the creative talent as another set of nodes monitoring the flows of capital on the production. This system makes any attempt of corruption particularly difficult. It reduces the corruption on film productions and diminishes its costs dramatically.
Their transparency software named Elemis will take the traditionally hidden flow of film production capital to bright daylight and ensure transparency from the start to the delivery of the film production.
Lumière Film Production Crypto Project Blockchain Advantages
Lumière Project is based o the names of the famous brothers, pioneers of film Auguste and Louis Lumière who patented the cinematography. The application has been developed to shed a different light on the film industry. It is a mindset, a convergence point, a real use-case project, connecting blockchain and smart contracts and has been established to enable an ecosystem for creative productions where both money and information flows are transparent, clear and promoting the fair distribution and right applications of capital.
The system is all about less waste, minimal corruption, no payment delays and a better overall flow of value and ideas. As of now, they have gathered more than half a dozen of quality creative projects from feature of quality creative projects from feature films to TV series in various stages of development to an application for mobile and desktop platforms. By connecting high quality stories, cutting-edge creative content, and professional productions through the powerful vector of a fast-growing and transparency-enabling technology like blockchain, they can deliver an exclusive space where all the creative and financing actors are fairly rewarded.
Blockchain technology is the perfect enabler for social responsibility and thus the projects we feature reflect that as much as entertainment. As they practice what they preach, they aim to place their first film productions on their platform. This is an attempt to show that it is possible to build an environment where investors, talents, producers, sales agents and distributors can create hand-in-hand and trust each other.
Lumière Project is a truly unique project which exemplifies the cvast application of blockchain technology. More information can be found out about the new platform on lumiereproject.io/