Blockchain and NFTs have the Potential to Transform the Entertainment Sector

Blockchain and NFTs have the Potential to Transform the Entertainment Sector

 

Jason Kilar, the outgoing CEO of Warner Media, has supported the blockchain as a technology that could transform the entertainment industry. He also said the technology could facilitate new forms of financing in the entertainment industry.

The outgoing CEO of Warner Media, Jason Kilar, has said the future of Hollywood is on the blockchain. He sees the new technology transforming the entertainment industry. According to Kilar, this is especially true now, in an era where the process of buying digital collectibles has become much easier.

A Reuters report has explained that Kilar compares the technology’s potential to that of a digital versatile disc (DVD). This is prior to the DVD's acceptance into the mainstream industry.

"I think that’s going to be a potential wave that’s going to come to Hollywood in the same way that the DVD wave came to Hollywood in the ’90s." Kilar went ahead to explain his thoughts on NFTs and blockchain technology.

The outgoing CEO did concede that while DVDs were ultimately successful, they changed the economic fortunes of many entertainment companies, including those of Warner Media. Still, for Kilar, who is known to push for the adoption of new technology and changes in the entertainment industry, the blockchain could also present new forms of financing.

The report chronicles Kilar’s journey in the entertainment industry and Warner Media’s response during the pandemic. The outgoing CEO joined Warner Media in 2020, when the COVID-19 pandemic was spreading. During this period, which was characterised by lockdowns and severe restrictions on human movement, Kilar is reported to have introduced a new way of bringing movies into homes.

Instead of waiting for a certain period to pass before releasing a movie for home viewing, the CEO reportedly initiated the practise of releasing new films in theatres and on the HBO Max streaming service on the same day. This move is believed to have helped HBO Max and the HBO cable TV network bring in 73.8 million new subscribers.