British entertainment start-up Bombay Sour will launch a new video streaming platform this week on which subscribers will be able to buy shares in upcoming content.
(qlmbusinessnews.com via telegraph.co.uk – – Mon, 15th Oct 2018) London, Uk – –
The platform, which Bombay Sour describes as “crowdfunded Netflix”, uses blockchain technology to allow subscribers to take a stake in pilot content before it breaks onto TV, film or streaming services.
Since being founded in May, Bombay Sour already has a slate of more than 200 TV pilots and short films from directors including Eric Kissack, who directed The Dictator and Phil Sheerin, who won Best UK Short at the Raindance Film Festival in 2015. The company said it would be ramping up production operations through to the end of the year.
At the MIPCOM trade show in Cannes this week, Bombay Sour will also reveal it is bolstering its management team, adding Simon Egan, the producer of The King's Speech, and the co-founder of Jukin Media, Josh Entman, to its advisory board.
The launch of Bombay Sour's service, which will focus on mobile viewing and be called Zest, comes as more consumers shift away from traditional TV and watch content online instead.
Just under a third of people in the UK said they had used Netflix in the last month, and a recent survey revealed that, among 12 to 15-year-olds in Britain, Netflix was better known than BBC One.
With growing viewer numbers, streaming services, which also include Amazon Prime Video and Now TV, have been allocating increasing amounts of cash to original content in recent years.
Netflix is planning to spend between $7bn and $8bn on content next year while analysts estimate Amazon's budget for Prime Video is around $4.5bn and new entrant Apple's is thought to be around $1bn.
However, Bombay Sour's founder and chief executive Piotr Kocel said his company believes that premium entertainment has “a decentralized future where content is democratically co-created with audiences and value is fairly distributed through private smart contracts”.