Senior Alibaba Executive: The Movie Industry Needs Blockchain to Grow

Alibaba Pictures blockchain technology

Blockchain technology has been famed as having a ton of potential. While that has been proven true for the financial world and even the art world, the Senior Vice President (VP) of Alibaba Pictures, Li Jie, strongly believes that the technology can be used to foster the growth of the movie industry as well, especially China’s movie industry.

Speaking at the Forum on Chinese Film Investment and Development, Senior Vice President Li urged his audience to take a special interest in the emerging technology. As local news outlets report, he argues that “new technology needs a good business scenario; otherwise, it is just technology.”

Convincing his audience on the impact of emerging technologies like blockchain, Li revealed that Alibaba Group is already exploring ways to use new technologies such as blockchain technology to push the Chinese film industry forward.

Lie, who also doubles as the CEO of Taopiaopiao (Alibaba’s ticketing app), asserted that the Chinese film industry is not doing badly. As a matter of fact, it is growing better than its counterparts in other countries. However, he claimed that there are opportunities for improvements and then encouraged his audience to grab these opportunities.

Blockchain in the Service of the Film Indusry

Acknowledging the good and bad that new technologies bring with them, Lie pointed out at the impact the internet has on the global movie industry. The real problem today is attracting the public to watch a film instead of playing online video games.

Yes, the internet made that possible. And while you may think of that as a disadvantage, you would agree that the internet has also fostered growth in the global movie industry. I mean, now, you can buy tickets online, subscribe to Netflix and the like, all from the comfort of your home.

A sound solution to tackle this would be to create movies with good contents that people can relate to. Thankfully, the vice president of China Film Co., La Peikang, added that the Chinese film industry has moved past the primitive era where the box office triumph of movies are based on the franchise, budget, and actors’ stardom. Today, it is totally dependent on the quality of the film and how people relate to it.

When asked why Alibaba still chooses to make films, Li noted that it is because

“[T]he film industry has unparalleled influence. When we calculate the economic impact of the film industry, we should also calculate the huge benefits and influence that movies bring to society and the relevant economies.”

It is certainly encouraging and intriguing to see how blockchain can also contribute to such a culturally influential industry such as the film industry.

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