In a move that is expected to bring a tec(h)tonic shift in the way how film business is being done in India. Technology entrepreneur Senthil Nayagam and Film Producer & Movie Business consultant G.K.Tirunavukarasu have joined together to float Oracle Movies.
Oracle Movies would be India’s first ‘Non-fungible Token'(NFT) Movie Marketplace to help Tamil, Telugu, Malayalam, Kannada & Hindi producers to generate and earn more revenue.
NFT would allow film producers and companies to buy and sell movie rights through advanced and secure block chain technology.
NFT is unique and can’t be replaced with something else. Hence, it would prevent malpractices and would offer a safe and secure environment to stakeholders.
Initially, Oracle Movies will provide its services to Tamil, Telugu, Malayalam, Kannada, Hindi and English films producers and Intellectual Property (IP) rights holder.
Plans are on for the services to be expanded for various other language movies across the country.
Oracle Movies will take the business of Indian movies to a traditional Global Market and to new unheralded and unexplored markets and also bring the international films for release, dubbing and remakes to Indian market.
With NFTs, any asset (physical or digital) can be “tokenised” and stored in a decentralised ledger known as Block Chain to create a digital certificate of ownership that can be bought and sold.
Since the current system relies on paper contracts which does not hold satisfactory for modern cinema and there is no proper central agency that keeps track of movie rights sold. NFT comes in handy to address the huge gap and Oracle Movies will be the monopoly one-stop service provider until a competitor steps into this market.
Oracle Movies would be bringing global best practices in film production, distribution, collection management to Indian Cinema.
Oracle Movies says that it would integrate RBI’s Central Bank Digital Currency, Digital Rupee when it launches later this year in their Blockchain Application Platform.
Senthil Nayagam has been working on open source technologies for over two decades. He had co-founded Sedin Technologies, a 16-year-old software service company employing hundreds of people , having offices in Chennai, Bangalore and Canada.
G.K.Tirunavukarasu, Media Professional has more than 15 years of experience in the industry and specialised in Radio, Television, Events and Film is a movie producer and consultant. He is the co-founder and director of Oracle Movies.
Oracle Movies has the below five advisors:
1. Kamesh Elangovan, co-founder and COO, GuardianLink.io (they recently raised 12 million dollar funding after successfully launching Amitabh Bachchan NFT).
2. Bharath.M.S, founder KRIA Law & senior IP strategist, who has won several path breaking cases in film, movies and trademark related and works with several high profile movie artists and movie production houses.
3. Venkatesh Srinivasan, CEO, Nexus Consulting, who works with multiple TV channels and film production houses providing authentic data for historic content, sports and more.
4. Sriram, Founder and Managing Director of Contus, and operates GudSho, a new generation OTT platform.
5. P.Ranganathan, Film Producer & Distributor with more than 25 years of experience in content aquisition & syndication.