A local tech company that spun out of MIT is heading to Cannes.
MTonomy, which has created a blockchain-based platform for intellectual rights and media distribution, is building the next generation foundation for the digital media industry, according to CEO Arjun Mendhi.
Today, the company is launching a film and TV rights management platform at the famed French film festival, which is the result of a partnership with a small film distribution company called Indie Rights.
This new platform is aimed at giving media and entertainment industry professionals greater insight and control over their rights, deals, content and distribution.
The MIT spinoff that launched in January 2018 is building the next generation foundation for the digital media industry, according to Mendhi. It does this by creating a blockchain based platform for intellectual rights and media distribution.
While Mtonomy is still hacking ways to change how intellectual property and distribution of content in media works today, it's doing so in a couple of different ways. Earlier this year, the startup, which boasts of having advisors like Twitter's Jack Dorsey, debuted a streaming platform like Netflix allowing cryptocurrency users to directly buy or rent premium video content on MTonomy.com.
In plain speak, think Netflix for cryptocurrency users. “This is not a whimsical idea," Mendhi said assuringly. "It has great user experience, like Netflix.”
The media industry is riddled with opacity when it comes to IP protection and monetizing content, Mendhi noted. That's where he wants MTonomy to step in and help.
"If you pay $3.99 for renting a movie on Google, the supply chain takes the money to different places before it comes to the producer or creator," he said. "On MTonomy's blockchain technology, every transaction is settled worldwide in about 14 seconds."
What that means is when a user pays in cryptocurrency to watch a movie or stream a show, the payment reaches the distributor (or creator, if they own rights) instantly.
Why is this important? Because it provides a platform for independent filmmakers and content producers to bring their work to the world without having to rely on a network of distributors to publish and monetize their work. And since, getting users to publish content is seamless on MTonomy's blockchain platform, Mendhi noted that the company has seen a swelling interest from people who want to publish their work on the platform.
"Something is lacking in how media rights are managed today," Mendhi noted. "It is not ready for the future in that we do not do a good job of preserving IP rights, ownership and monetization of content."
The platform is currently open to companies by invitation only. The startup plans on giving premium access to select innovative media and entertainment companies at Cannes.
The startup is a small team of MIT alums that work out of Cambridge Innovation Center in Boston and operates on a seed round of more than a million dollars it raised last year.
It is in the process of boosting its team and hiring for roles in engineering and product development and marketing.
"We are working on launching a game-changing product by the end of the year; stay tuned," Mendhi said.
