Two of the biggest grossing industries in the world are related to entertainment. The movie and sports industries have always been two of the best revenue producing outlets worldwide. For example, have you seen how much money Las Vegas NFL Odds makers can bring in during the pro football season? And how about how much money some of the world’s most anticipated movies make once they premier? Yes, just how you’re imagining it, we’re talking about serious, immense amounts of money.
Now, how do these two industries relate to Bitcoin, the world’s most popular cryptocurrency? Well, ever since making its official debut in the world, Bitcoin has become one of the strongest currencies around, with its potential and popularity growing day in and day out. Industries from all walks of life have taken to using Bitcoin in their dealings and the movie and sports industries have not shied away from it either. But how do the movie and sports industries benefit from using bitcoin? Let us break it down for you here.
Sports Industry
When it comes to Bitcoin and the sports industry, this relationship has taken it’s time to flourish and find common grounds from which to grow from, but as time has gone by, bigger and bigger strides towards the popularization and establishment of Bitcoin as one of the main sources of currencies in the sports world have been achieved. The first big splash that Bitcoin and other cryptocurrencies came from players from different leagues around the world looking into the option of receiving their payments from contracts, endorsement deals and other endeavors with Bitcoin instead of regular monetary options. While at first pro teams and organizations were hesitant of caving to these demands as time has gone by, more and more teams have accepted Bitcoin as a form of payment to their athletes.
Another way in which sports teams, leagues and organizations have come to welcome the idea of using the world’s most popular crypto is by the implementation of this crypto as a form of payment for ticket and merchandise purchases and the creation and proliferation of fan tokens, in which sports fans are allowed to get better deals and form a more personal and direct relationship with their favorite squads, through more personalized promotions, having the option to weigh in on certain team decisions and ultimately becoming a more present figure in the day to day dealings of their favorite teams.
Last but not least, the sports betting industry has also taken to Bitcoin and other cryptocurrencies as a new allowed form of payment for their customers who like to dabble in the world of wagering on their favorite sporting events from around the world. Given the levels of privacy and data management that Bitcoin management companies offer it has become one of the most popular options for sports fans around to feel safer when betting on sports online, avoiding scams, leaking of personal and private information and other issues that could arise from using regular currencies.
Movie Industry
For the movie industry, the usage of Bitcoin has come to help in one of the biggest ways possible, through funding for projects of all sorts. While for smaller movie producers, finding funds to create and produce their products would present adversities and cons which enabled them to compete in fair grounds with top movie producing companies, thanks to the idealization of Bitcoin funding has come as a true breath of fresh air for up and coming producers to be able to put their productions out there for the world to enjoy. Blockchain technologies have come as the perfect aid towards the goal of fund raising through Bitcoin for these companies. While people might find the idea of raising money through Bitcoin and Blockchain companies to be a difficult concept to grasp, as time has gone by and technology has continued to make all matters in life easier for everyone, this idea of fundraising has also become easier and easier.
One of the main factors that makes Bitcoin funding for movie productions much more attractive for Bitcoin investors is the fact that this is a field in the movie industry that is still being seen as more of a risk than an asset, allowing both producers and investors to work in a more equal playing field, with resulting revenue streams amplifying more and more for all parties involved. All producers need in order to raise funds for their projects through Bitcoin is to create a digital token through their preferred blockchain network for investors to purchase and raise the money needed.
After the project is completed and launched all profits from the movie are distributed amongst the investors of the movie. If we see this from a more optimistic and promising scope, it could easily be one of the best ways in the future for production of movies to happen not just for big studio producers and directors but for artists from all around.
