The MILC Token Allows Media Content Producers To Trade Without Intermediaries
Originally published on: CoinSpeaker
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June 25, 2018
Founded in 1996, Welt der Wunder expanded its territories over the years and grew far beyond the borders of Germany with its footprints in over 30 different countries.
With decades of experience on deck, Welt der Wunder grew to become one of the quality producers of content and with a strong foothold in the media industry, it became fully aware of the pain points and needs of content producers as well as content buyers.
The demand for high-quality content grew throughout the world with countless TV stations and expansion of VOD platforms. Other media agencies such as online newspapers and magazines, with their growing needs to position themselves on online platforms, also have an insatiable need for quality videos to drive traffic and increase the demand.
However, the content being traded on TV, VOD and online publishing platforms, while being mostly international in nature, the licensing agreements differ from country to country. As a result, the media industry is plagued with an absence of any standard definition of a ‘Transfer of Rights’ agreement, and thus every license agreement being executed, although very similar, is constantly redeveloped and re-drawn.
International license contracts without any standards or norms make it difficult for producers and broadcasters to buy a content license. In addition, distribution and sales departments often intercede between the buyers and sellers, leading to a price increase. This results in higher costs or the deal falling apart.
The pain point of this industry is the lack of a trusted partner structure that can standardize and automate the contracts while securing the interests of both vendors and purchasers.
The MILC Solution – A Licensing Coin that Automates the Execution of Contracts in a Transparent Manner
With Welt der Wunder in the center of this problem, and with a rich experience within the media industry, integrating Blockchain with Content Licensing system became the best use-case. By combining some of the creative experiences with their dedicated team, Welt der Wunder unleashed a much more sophisticated solution.
The MILC token, a media cryptocurrency is the answer that provides a virtual marketplace, full of solid professional content, which brings leading quality content producers closer to an international market of buyers that can buy such content through MILC token on the blockchain ecosystem. All this without the need for an intermediary, for the fact, content licensing contracts are executed using smart contracts.
In an interview, Hendrik Hey, Founder and Managing Director, Welt der Wunder said:
“We wanted to win our audience with sophisticated content and high-quality visuals and prove that these two things aren’t mutually exclusive when it comes to achieving success. The resultant MILC platform is an innovative solution that brings high-quality content producers and leading content buyers and brands on a single platform for content trading.”
Adding further, he said:
“No one will ever need an intermediary, for as transparent as the blockchain ecosystem is, the MILC token allows users to buy content with a much more sophisticated technology using smart contracts.”
Smart contracts and in particular virtual agreements filed in the blockchain are excellent tools that completely reorganize certain parts within the media industry.
With a central global ecosystem for content sharing and trading that will map the most relevant international contract norms, it will simplify one of the oldest and yet complex norms being traditionally followed in the media industry since decades. The smart contract execution system manages the trade in a way that is legally impermeable and binding.
When a content seller matches his content with the appropriate smart contractor, for the given usage and license periods, the buyer has only to confirm the contract and finalize the deal. Negotiations, if any, can be made on the platform, and once the contract is finalized, the deal payment is automatically managed securely through blockchain.
Thus, with the blockchain ecosystem acting as a platform to provide a content marketplace for professional video and TV licenses, the future of media industry, the MILC cryptocurrency holds the potential to evolve as a disruptive technology and position itself as an important currency within the global media industry.