American content distribution company Cinedigm now uses Theta’s TFUEL cryptocurrency as a reward for sharing and viewing content.
Cinedigm, a major US content distribution company, is applying blockchain technology to one of its streaming channels.
The company has partnered with decentralized video network Theta Labs to integrate Theta’s peer-to-peer streaming technology and cryptocurrency rewards on its CONtv Anime channel that broadcasts a wide range of anime series and movies.
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CONtv Anime will feature micropayments in Theta Fuel (TFUEL), one of the two native tokens on the Theta blockchain. The token will be used as a reward for sharing video content by using excess bandwidth and computing resources, as well as viewing channel content. According to the announcement, fans will be able to earn up to $ 15 in tokens per month simply by viewing content in their browser.
By incorporating Theta’s blockchain-based streaming technology, Cinedigm intends to drive user engagement and monetization while reducing costs. Theta Labs said its streaming technology can cut video delivery costs by at least 50%.
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Cinedigm’s senior vice president of products and technology, Tony Huidor, said the company sees the partnership with Theta as a long-term opportunity. It is a “key differentiator in the industry and we believe it will contribute to sustained viewer growth and engagement in the premium OTT segment,” Huidor said.
Wes Levitt, Chief Strategy Officer at Theta Labs, said: “In this first deployment, CONtv users will earn TFUEL micropayment rewards for viewing content and streaming it to other CONtv users. Future integrations could see rewards used to unlock other content or unique experiences for token holders. “
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“This is Cinedigm’s first publicly announced partnership with a blockchain project, although they recently publicly expressed interest in NFTs for their content library, which we see as a very exciting potential collaboration point,” Levitt added. Theta Labs initially teased this partnership with Cinedigm in late 2020.
Earlier this year, Theta Labs enabled similar TFUEL micropayment features for projects such as the live poker entertainment platform World Poker Tour and the entertainment distribution platform Shout! Factory.
As Cointelegraph previously reported, the Theta network has seen accelerated development recently, attracting collaboration from Fortune Global 500 firms such as Google, Samsung, and Sony. Amid the growth of the network, Theta Network’s THETA token reached new all-time highs in 2021, entering the top 10 cryptocurrencies by market capitalization in March.
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