tZERO, the security token division of Overstock, and BLOQ FLIX, LLC., the pioneer firm in blockchain entertainment financing, have come together to tokenize the film financing possibilities for the business of entertainment. tZERO came forward to make an official announcement through a press release on 12th September 2019 to update the crypto community about this exciting new development.
According to the press release, this unique partnership is termed as Blockbuster meets blockchain. With the collaboration, both the entities will form a new route of financing for feature films, internet/digital content, television, as well as studio projects. BLOQ FLIX will be relying on the tokenization protocol by tZERO to facilitate investors’ participation in the financing process. The press release also revealed that JumpStart Securities LLC., a brokerage company, has come on board for these offerings as a placement agent.
Saum Noursalehi, the CEO of tZERO, gave out a statement saying that they are excited to have partnered with the team of BLOQ FLIX. Together, they would bring about an innovative and secure investment option for film financing. Continuing further, the CEO added that tokenizing and trading assets that can make the most of the blockchain technology remain their continued aim and digitizing movie financing appropriately suits the model.
As per Brandon Hogan, the CEO of BLOQ FLIX, blockchain technology will help them streamline the TV and film funding process since they will be able to offer capital directly through blockchain to producers, mini or major studios, as well as experienced indie producers. Hogan also feels that Hollywood’s finance structures need evolution.
The press release also included the statement of Jonathan Self, the CEO of JumpStart Securities. Jonathan considered this collaboration to be a big opportunity for investors and BLOQ FLIX to provide a vision of the way media can be financed now. Their solution will let them bring immediate value, added Jonathan.
It is vital to note that the founders of BLOQ FLIX, Jonathan Helmuth and Hogan, are respected professionals of the global entertainment industry. Together, they have raised more than 100M dollars of production funds. They have also been part of 150+ entertainment projects.