French production outfit Logical Pictures, which has Damson Idris and Kate Beckinsale starrer Farming at Toronto, is launching blockchain solution Blockframes in a bid to improve cash flows for international sales contracts.
French sales outfit Bac Films has signed up to be the first exponent of the rights management system which it will apply to deals signed on their animation Terra Willy.
Logical is hoping that Blockframe can provide greater clarity around chain of title, more security over contracts and speed up cash-flow distribution. “Bac will register and secure into this blockchain the rights of all distributors buying the movie during TIFF,” confirmed Gilles Sousa, Head of International sales for Bac.
The idea, said Logical, is that later on, whenever revenue — for example an MG from a distributor — is injected into Blockframes, the waterfall is applied at that moment and each stakeholder instantly receives their exact share of revenue.
“We’re making Blockframes available on a non-profit basis to all industry participants,”
added Frédéric Fiore, President of Logical Pictures, “for the purpose of spreading
transparency and good practices widely. We strongly believe this will attract new funds to independent cinema, which is facing a financing crunch”. Logical said it is working on two more similar platforms, one for film financing.
Terra Willy, the latest film from TAT Productions (The Jungle Bunch: The Movie), follows a 10-year-old boy whose rescue capsule lands on a wild and unexplored planet when he is separated from his parents following the destruction of their spaceship.