BitMovio, a U.S.-based blockchain-enabled video entertainment marketplace, announced last week it completed a $600,000 pre-seed round of equity funding with participation from Silicon Valley-based IMO Ventures, Basis Set Ventures, and BlockCentury, and Boston-based NorthBay Solutions, the Play Labs Fund, and Seraph Investments.
Founded earlier this year by entrepreneurs Simon Zhu and Rizwan Virk, BitMovio notably provides a decentralized Netflix-Twitch-Indiegogo-like platform powered by blockchain that enables content creators, consumers, and financiers to transparently and instantaneously exchange value and attention, without “editorial censorship.” The company reported it is on a mission to disrupt the video entertainment industry’s centralized content distribution and financing model.
“With a hybrid blockchain architecture and support of both fiat currency and crypto tokens, BitMovio creates a transparent marketplace enabling independent film producers and professional streamers to have complete control of their content distribution, flexible and instant monetization, and engaging audience interaction. The marketplace will initially focus on gaming, events, sci-fi, fantasy, horror and thriller-themed content for millennials and Gen Z audiences.”
While sharing more details about the BitMovio platform, Zhu stated:
“We’re focusing on the intersection and power imbalance between today’s content distributors and the millions of content creators and consumers around the world. Our vision is to transform the power concentration and inefficiency within the video entertainment industry.”
BitMovio also reported that it launched a closed beta of its blockchain-enabled platform. Bill Guttentag, Founding Advisor at BitMovio, added:
“Blockchain has the power to create transparency and accessibility to the video entertainment space, and bring a new dimension to watching streaming content. BitMovio’s platform will bridge blockchain and the free marketplace for video entertainment in a truly unique and innovative way. We’re excited about what the technology will bring to content creators and audiences globally.”