Two Hollywood veterans bet on the future of the entertainment industry with the non-worth token (NFT), which became.
Roger Birnbaum – the owner of Spyglass Entertainment and former co-CEO of MGM – has teamed up with AOL offspring and Atmosphere Entertainment’s Mark Kimsey to form a new film production company called Electromagnetic Productions (EMP).
The company offers movie fans the opportunity to buy into the production of films through NFTs, which have seen explosive growth fueled primarily by the boom in cryptocurrencies.
“We’ve always wanted to create an entertainment company that focuses on connecting with audiences in the best way possible,” Birnbaum told Yahoo Finance. “We invite consumers to be part of the art of creating entertainment content, whether it’s movies or television.”
The newly formed film and television production studio aim to create a community for filmmaking feedback by selling memberships to the studio through NFTs. The membership program offers the opportunity to get involved in the production of films and television, while the NFTs also serve as tickets to exclusive experiences such as live performances, special interviews, and community events.
Birnbaum said the goal of EMP is to engage members as early and as often as possible, prioritize community feedback, and use those insights to create the most engaging content.
“The beauty of what we do is that it’s a two-way street, as the Electromagnetic Productions community is a place where artists can engage and interact with audiences and form deeper, more meaningful connections,” he explained.
Birnbaum, who has produced over 90 feature films including Rush Hour, The Hustle, Memoirs of A Geisha, 27 Dresses, and Seabiscuit, earned him 28 Academy Award nominations and three Academy Awards.
“Deeper, Richer Fan Experience”
Longer-term, the studio hopes that building the NFT community and soliciting outside feedback will create a deeper connection with an audience.
Birnbaum and Kimsey are primarily focused on deeper fan engagement and believe revenue and profits will follow – not just through NFTs, but through creating a better project based on feedback.
“It’s all about a deeper and richer fan and artist experience,” says Kimsey, who has worked as an investment banker and founded the film production company Atmosphere Entertainment.
“In this new world, where the entertainment industry continues to evolve into the Metaverse, there is more value in a production company that can create great content and integrates its community to better understand and connect with it,” he added.
Every time the film studio undertakes a production, those responsible look to see if there is an NFT application and another opportunity to jumpstart a new film or TV show. EMP has an active pipeline of 50 film and television projects in various stages of development.
The company just dropped 10,000 NFTs and plans to do another drop for NFT members of the studio soon. Birnbaum and Kimsey say only 10,000 NFTs are offered at a time, made available at various purchase window periods that coincide with a new production, art, or event offerings.
Those who purchase a membership only have access to offers at the time of purchase and are not entitled to access from previous NFT drops. This means early members will see the most value and benefit as they have the most access to offers as soon as they are revealed since they first joined.
On March 28th, EMP will auction the opportunity for members to bid to attend the Cannes Film Festival. It would include round-trip airfare, accommodation at the Hotel du Cap in France, and the opportunity to attend film screenings, private parties, and other backstage activities throughout the festival.
“We’re passionate about expanding the possibilities for audiences and giving our community not only access to exclusive content but also the opportunity to be part of the process from both a creative and a business perspective,” said Birnbaum.
NFTs can be purchased from Electromagnetic Productions’ website for $1,000. Patrons need to set up a wallet on the site to make purchases with a credit card but don’t need to use crypto.