The Entertainment Industry Class Inheritance Tree
The End of “Hollywood Accounting”
By: Michael Holdmann
In my last post, I discussed Industry Class Inheritance Trees (ICIT) as an introduction to what a Class Inheritance Tree is and how it functions. You can find it here: https://medium.com/@prasaga-ceo/creating-an-open-international-standard-single-instance-global-class-tree-68f2266bc73b The example of a Supply Chain ICIT was used as the diagram, along with specifics about what we classify as Base and Foundation Classes.
In this post, we will preview the ICIT for the entertainment and media industry. One of the major issues in entertainment is the ownership of intellectual property (IP) and accurate accounting for the entire industry. Cuba Gooding Jr. referred to this issue as “Hollywood Accounting” at the Breathe! Conference in Las Vegas in September 2023.
Hollywood Accounting can be summarized as the inability for the actor or creator of an asset to track every time their work is broadcast or used. For instance, Cuba described shooting commercials and being given royalties whenever the commercial is aired as part of a national campaign. However, even after the campaign ends, the commercial might still be aired locally, and the actor must then contact the advertising agency to request royalty payments for these additional airings.
SagaChain and the Entertainment ICIT enable the mitigation of any asset tied to an actor, musician, artist, etc., being used without compensation and acknowledgment for the individual. SagaChain ensures full auditability for any object type, using the same Base and Foundational classes that every other industry will use.
In the above diagram, you can see that compared to the Supply Chain ICIT, the base classes, SPClassObject and SPClassAccount, are the same single instance of source code used across any industry globally. Also, FungibleAsset, NonFungibleAsset, and Business are the same, with the account types in this case all starting with SPClassAccount. Each of the separate account types is a single instance of code globally, customized to fit the use of each individual account.
This now allows a creator to own all the IP and be the center of the Web3 entertainment and media world. Managers, promoters, production teams, publicists, etc., become suppliers/supporters of the creative. The creator can now interact directly with fans, grant rights to use content, and receive royalties paid directly to their account. Payments to suppliers/supporters are automatically distributed to their business accounts via the blockchain, with rules applied in the specific account object and then to the individual who directly supports the creator.
No more missed or mistaken royalties and no more use of creative content without the creator’s awareness. This addresses an industry issue that has seen creators being forgotten or taken advantage of in financial relationships for decades. This delivers a way to end “Hollywood Accounting”.
This is another example of the utility enabled by the SagaTech stack and continues the PraSaga mission of delivering a secure, decentralized, and scalable ecosystem for all global transactions, financial or other, to all 8 billion+ world citizens. Watch the work #Web3Gang and Frank Nitty are doing in the Hip-Hop community to protect Creator rights with SagaChain the the SagaTech Stack.
