Watch-and-Earn Platform Myco Launches New Film Funding Program
Myco's Mycolab initiative is designed for filmmakers who are looking for funding their projects.
By November 5, creators can submit an application for participation and be shortlisted by industry experts. The ten best projects will be presented to the public for a final decision. Projects that are able to raise 35% of funds through crowdfunding will receive the remaining 65% from Myco.
The films premiere exclusively on the Myco platform, where both viewers and authors will be able to receive MContent tokens. Myco co-founder Phil Mackenzie hopes that creators participating in the Mycolab initiative will be able to attract new audiences to the platform.
Two to four weeks after the premiere, Myco will distribute the content on other platforms to build brand awareness and attract a larger audience for the new filmmakers' projects.
Financing a favourite film is possible through cryptocurrency and fiat currency. This will also bring additional benefits to investors, such as early access to the film or merchandise.
Myco is primarily focusing on short films for its program. However, it hopes to expand the initiative to larger projects in the future.
The platform now hosts more than 300,000 videos and podcasts.
Myco's move is particularly relevant now, amid widespread strikes by screenwriters and actors, who are battling major film industry giants over pay issues.
