Alibaba Pictures, the movie-making arm of the Chinese conglomerate, Alibaba, is turning to blockchain technology to raise funds for and efficiently distribute films that it produces.
The latest development was reportedly revealed by Li Jie, senior vice president of Alibaba Pictures at an industry event held as part of the ongoing China Golden Rooster & Hundred Flowers Film Festival.
Li Jie disclosed that Alibaba pictures had signed a memorandum of understanding (MoU) with a blockchain-based startup, SingularDTV (Breaker), sell distribution rights to a new movie titled "Striding into the Wind."
Per the report, Ethereum-powered Breaker picked up the priority overseas distribution rights for the movie, with the company receiving blockchain-based tokens as proof of ownership.
Following the announcement, Li Jie also spoke extensively regarding the possibilities of blockchain technology, improving the Chinese movie industry. That industry participants are already in talks with blockchain startups to explore other use cases.
The vice president further sought to convince the audience that the film industry was still relevant despite people’s viewing habits changing significantly since the advent of the internet. On why Alibaba still choose to make films, Li Jie reportedly said:
The film industry has unparalleled influence. When we calculate the economic impact of the film industry, we should calculate the huge benefits and influence that movies bring to society and the relevant economies.
In an earlier development about another high profile company turning to tokenized securities, Stmarket.co reported that World Chess would sell tokens to investors ahead of its anticipated IPO in 2020.