‘Wall Street’, ‘American Psycho’ Studio Raising Film Funding via Avalanche
The post ‘Wall Street’, ‘American Psycho’ Studio Raising Film Funding via Avalanche appeared on BitcoinEthereumNews.com.
The son of a storied Hollywood producer is taking his father’s company where few in town have dared venture: into crypto. Pressman Film, an independent production house that helped create classic movies including “Wall Street” and “American Psycho,” announced on Thursday that it will use investment platform Republic—on blockchain network Avalanche—to launch a tokenized public fund that will allow members of the public to invest in a slate of upcoming films. “My father, Edward R. Pressman, is widely considered a pioneer in our industry for the innovative methods he brought to financing film production across his five-decade career,” Sam Pressman, who now helms his late father’s company, said in a statement. “Now, with the entertainment marketplace amid unprecedented change, it’s clearly the time for innovative, new ways to fund creativity and film innovation once again.” The new fund will initially support a slate of six potential Pressman-backed films: three based on pre-existing intellectual property, and three sourced from original concepts. For as little as $200, investors can buy a stake in the diversified slate. They would only start to receive payouts, though, if one or more of those films made it from development—which costs money in and of itself—into production. Lights, camera, ACTION 🎬 Avalanche is transforming independent film financing!@PRESSMANFILM, the production company behind “Wall Street,” “American Psycho,” and “The Crow,” teamed up with @joinrepublic to raise funds for a development slate of six Pressman films, tokenized on… pic.twitter.com/fG984GWgLL — Avalanche 🔺 (@avax) September 5, 2024 If a movie makes it to production, then investors will receive a portion of Pressman’s producing fee and rights fees. If the film makes it all the way through production to release and distribution, investors will then get a portion of its net profits. To tide investors over in the (statistically high) chance that…
Filed under: News - @ September 7, 2024 1:22 pm