It has been confirmed that Spuul, a video on demand service based in Singapore, will launch an Initial Coin Offering or ICO. Founded in 2010 the firm has offices in Singapore and Mumbai and mainly features Bollywood content throughout Asia.
One cannot ignore that Spuul is an internationally reputed online video streaming player who has come up with its own ICO called SPOKKZ. It will transform the platform into an enterprise running on blockchain technology. The company already signed a deal with Zilliqa, a high-end blockchain platform, to boost the scale of its transactions.
The venture is a community-powered blockchain ecosystem that deals in film and TV content and is trying to incorporate investors from media and entertainment sector.
Moreover, a prominent content producer for kids, Toonz Media group, will also be using Spokkz’s technology for extending its production line. It should be noted that the online video streaming website provides content to more than 60 million clients in the UK, Middle East, Australia, North America, New Zealand, South and South-East Asia.
According to reports, the firm will use the breakthrough technology to transform the US$ 2 trillion international media industry by establishing a marketplace and decentralized environment where advertisers, merchants, celebrities, content developers and film enthusiasts will become stakeholders.
Thus, viewers will be able to gain Spokkz for sharing, viewing or absorbing targeted marketing and also invest in projects of their taste and do online shopping through the Spokkz coin.
CEO, Toonz Media Group, Mr. P. Jayakumar believes that the step is a timely decision as the blockchain space is gaining pace within new industries. He said, “I feel Spuul’s issuance of Spokkz is a game changer! Spokkz presents the rare opportunity to collaborate with the like-minded audience to create and support shows with a soul. Through Spokkz, we will be able to better connect with Spuul’s user base and build an OTT play for kids.”
Developing content in India, Toonz has made a mark in creating episodes for kids and family audiences across the globe. Currently, it is working through partnerships with entertainment giants like Walt Disney, Nickelodeon, Sony, Turner, Discovery, BBC, Universal, Hallmark, Paramount, Marvel and Google to develop 2D and 3D animated content.
CEO and Co-founder, Spuul, Mr. Subin Subaiah, stated that “ICOs have become a truly effective way for content creators to raise funds for innovative projects.” He added that partnership with Toonz Media Group will pave the way for better and larger content creation for kids and will also expand the usage of their coin for shopping merchandise.
In similar news, a smart entertainment platform for international audiences, PlayBack, has been officially launched. It will be realizing its first adventure game called Block Maze in July. Hence, we could witness the blockchain space interweave with the entertainment industry on a massive scale.
All in all the future of both the sectors looks promising as one is emerging, and other has broken success levels. It’s a matter of time when blockchain will take over almost every technology-based industry.