Cryptocurrency
Crypto goes to Hollywood without a happy ending via @reuters
As reported by Reuters, “Take a Lamborghini, a few movie stars and a dash of Bacardi, and infuse it all with the scent of cryptocurrency riches. With this cocktail, Italian film producer Andrea Iervolino hopes to revolutionize the entertainment industry. He’s building a social-media platform to take on the likes of Netflix and Facebook, and […]
As reported by Reuters, “Take a Lamborghini, a few movie stars and a dash of Bacardi, and infuse it all with the scent of cryptocurrency riches. With this cocktail, Italian film producer Andrea Iervolino hopes to revolutionize the entertainment industry. He’s building a social-media platform to take on the likes of Netflix and Facebook, and has raised $575 million through a private sale of tokens. The money was the easy part.
“Iervolino runs film-production company AMBI Media with Monika Bacardi, whose late husband was a member of the rum-making family and who’s backing his TaTaTu venture to the tune of around $100 million. They aim to capture the zeitgeist in crypto and social media.
“TaTaTu will depend on advertising to enable consumers to watch free of charge. But to draw distinctions with Facebook, which let a UK political consultancy access information on millions of its members, the crypto issuer will be ‘fair and transparent,’ according to its white paper. It will be open about the advertising relationship and will reward viewers as well as content creators with its TTU tokens. The outfit plans to launch its app next month with basic movies, music and sports, then gradually introduce advertising, celebrity pages, and viewer commentary and sharing.”