In this post I’m going to assume The Bitjoinery is operational and that Im pitching it to an external hypothetical indie film Director that’s curious about utilising The Bitjoinery Studio DAO on their next film production.
I will focus on the following six questions posed by this hypothetical Director:
- Why should I use The Bitjoinery instead of going it alone?
- How will The Bitjoinery help me bring my vision to life?
- Will I retain full control over the vision for the film?
- What does the ownership of my final production look like?
- Will it be more affordable to use The Bitjoinery than the traditional approach?
- What if I want to retain full ownership over my final production?
Why should I use The Bitjoinery instead of going it alone?
The Bitjoinery is designed to help you access both the talent and capital resources required to bring your vision to life. This is achieved via a decentralised crowdsourced and crowdfunded method that incorporates both Viral & W.O.M marketing into the entire production process.
Directors that choose The Bitjoinery along with all relevant participants in a production retain exclusive rights to their original works in perpetuity, as well as unlimited freedom in their creative ambitions.
The Bitjoinery’s only role is to help facilitate, manage and maintain these freedoms and rights more safely and efficiently.
How will The Bitjoinery help me bring my vision to life?
The Bitjoinery facilitates & expedites the discovery and management of funding and talent acquisition so that Directors can focus on their creative vision.
Automating & outsourcing a significant amount of the production management and funding of a project The Bitjoinery brings an efficiency to the film production process that cannot be found in the traditional filmmaking industry.
Will I retain full control over the vision for the film?
The vision of your film will be your responsibility to maintain, we understand that the entire process of production can take many twists and turns, made true via the familiar expression:
“when you make a film, you don’t just make one film, you make three. The one you write, the one you shoot and the one you edit.”
It is entirely up to you how the vision is executed upon, and to an extent (assuming they hold a role token) with whom you wish to execute that vision.
Members of The Bitjoinery are here to assist you in bringing your vision to life, if you do not find the right people within The Bitjoinery then it is up to you to ensure you find – and that they hold the appropriate role token to participate in your production.
What does the ownership of my final production look like?
When you submit a film proposal to The Bitjoinery it is published as a vote token, if your proposal is able to reach your desired budget target, The Bitjoinery Treasury becomes accessible to the collective to begin work on your production. This budget provides funds for the Authors and Joiners to work on your production.
Authors submit content to the Joiners and under your guidance accept or reject those contents. Authors are compensated when contents are excepted and added to the body of work, which Joiners then cut together into your final film production.
Authors retain ownership of their original works and are compensated based on their creative input. This mechanism also allows for Authors of original works to be properly compensated via residuals upon publication and distribution of your final production.
Joiners are compensated based on their ability to deliver scenes and/or sequences as final works to be added to the final production. Joiners retain ownership of these sequences or “montages” as they are considered new works created from the RAW content provided by the Authors.
Once you as Director are happy with the sequences and eventual final production it is published as a token, and within the media itself resides the entire ownership trail regarding who from the collective created what content, and its associated values.
This mechanism manages how residuals are automatically handled and fairly distributed back to the collective members (Authors & Joiners) that participated.
At the final stage the Hypers take slightly differing versions of the production token, related to the customer type, and begin to market and sell your final production.
Hypers get a cut of any sales they make; along with the Voters that provided the initial production capital, Authors, Joiners, The Bitjoinery Treasury and you as Director.
As you will have noticed, as Director you are not compensated for Directing the collective and nobody owns the full final production as a whole, instead any ownership is retained only within its individual content parts, by those collective members (Authors & Joiners) that contributed to the execution of your vision.
Here’s an example of how ownership, residuals and compensation can work assuming your proposal required a 40% residuals stake for you within the final production.
NOTE: this is purely a hypothetical example.
- Director: Ownership: 0 Compensation: 0 Residuals: 40%
- Voters: Ownership: 0 Compensation: 0 Residuals: 5%
- Authors: Ownership: 15 contents, Compensation: $100×15 Residuals: 10%
- Joiners: Ownership: 4 sequences, Compensation: $250×4 Residuals: 15%
- Hypers: Ownership: 0 Compensation: $50×25 Sales Residuals: 5%
- Treasury: Ownership: 0 Compensation: 0 Residuals: 25%
Will it be more affordable to use The Bitjoinery than the traditional approach?
The affordability will be based on the desired production value level of your film, the bigger the vision often the bigger the budget required.
The Bitjoinery are initially catering primarily to indie film makers that have trouble accessing the required resources from the traditional film industry.
Over time as we collectively produce more and more films The Bitjoinery Treasury will become larger allowing us to support those directors that require larger budgets.
An exciting and interesting aspect to producing films via The Bitjoinery is that we have baked in Viral and W.O.M marketing within the entire production process via the Incentivisation tokenisation of every step of the process, we do this to increase the chances of your production getting the attention it deserves.
From the initial vote all the way through to the final distribution and purchase, we aim to ensure that all participants are adequately compensated and incentivised to bring your vision to life, and most importantly get it seen.
What if I want to retain full ownership over my final production?
While The Bitjoinery collective v0-model does not immediately cater to full ownership due to our unique approach to the production process, we do recognise that if a Director has a very successful film produced with The Bitjoinery, and is perhaps made an offer they can’t refuse, then a one-off exclusivity deal could be forged by the collective members that participated & have ownership in said production.
Are you a Director or aspiring filmmaker?
We want to hear from you!
Come and ask your questions at thebitjoinery.com chat.