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· 4 min read
Matthew
Brileigh

Building a network of projects on Juicebox

StudioDAO is a decentralized movie studio running on Juicebox. To learn more about how StudioDAO is disrupting the traditional film financing model, check out this deep dive on the JB blog as well as episode 9 of the Juicecast with founder Kenny on Spotify and Apple Podcasts.

In this article, we’ll cover how StudioDAO has created a network to fund multiple film projects with a 10% fee going back to an umbrella project, StudioDAO Backlot. Unlike traditional businesses where money moves with little oversight, when you purchase an NFT to support one of StudioDAO’s projects on Juicebox you can see exactly where funds are being distributed.

Please note that all projects mentioned in this article are currently running on Rinkeby testnet before going live on mainnet and therefore configuration settings are not final.

StudioDAO projects live on Rinkeby 🎥

  • StudioDAO Backlot: registered LLC that provides film production services to StudioDAO and takes a 10% transaction fee on all StudioDAO project NFTs sold through Juicebox
  • Unlikely Love Stories: StudioDAO’s first project, a dark comedy anthology by Rosa Tran and Derek Smith
  • Colossi Research Academy: test project with art by Michael French
  • Dickson Greeting: test project, experimental historical short film

StudioDAO Project Map

StudioDAO sub-project map

Case Study: Unlikely Love Stories ❣️

StudioDAO’s first film fundraise is Unlikely Love Stories, a dark comedy anthology by Rosa Tran and Derek Smith that explores finding unexpected love in the most unexpected places. In the screenshot below, you can see that ~ 13 ETH has gone into the treasury, and 10% of those funds will be distributed to “Project 4630” also known as StudioDAO Backlot, the Juicebox project that supports all StudioDAO films through production-related services. The other 90% is distributed to the filmmakers (unlikelylovestories.eth) along with the Backlot tokens minted from the 10% payout.

StudioDAO Funding Distribution

Funding distribution for Unlikely Love Stories on Rinkeby

Understanding the project’s configuration settings 🔎

Digging further into the project’s config, we can see that the following choices were made:

  • With automated funding cycles disabled, funds can be withdrawn at any time. For the project creator this is a very flexible approach but it also presents risks for project contributors.
  • Similarly, an infinite distribution limit was set meaning that the project can distribute freely from its treasury, as much or as little as it likes. Again, this is a very flexible strategy but also means that the entire treasury can be distributed without any limits.
  • Discount Rate is set to 0% which means that token issuance will stay the same over time. In other words, there is no added incentive for early contributors.
  • Redemption Rate is set to 100% which means that they can be redeemed against the overflow of the treasury at any time. In other words, there is no added value for redeeming earlier vs. later.
  • Mint Rate is 840,000 tokens per 1 ETH, with half for project contributors (420,000) and half for addresses on the reserved token list (420,000) 🚬
  • Owner token minting is disabled, so the project owners cannot mint tokens at any time. Only project contributions will mint new tokens.
  • No reconfiguration strategy was set, meaning that a project can be reconfigured at any time without notifying contributors. Again, this is a very flexible approach for project creators but carries risk for project contributors.

StudioDAO Funding cycle configuration

Funding cycle configuration for Unlikely Love Stories on Rinkeby

Reserved token allocation 🪙

We can also take a look at how the Reserved Tokens are split:

  • 50% to filmmakers of the project
  • 40% to StudioDAO Community wallet
  • 10% to StudioDAO Backlot

This cross-pollination of tokens allows each member of the StudioDAO ecosystem to have a stake in one another, creating incentive alignment and building community in the process.

StudioDAO Reserved Token Allocation

Reserved token allocation for Unlikely Love Stories on Rinkeby

As mentioned earlier, all projects discussed in this article are still on Rinkeby testnet and their configuration settings are not final. Once StudioDAO and NFT Rewards are live on mainnet, we’ll update this article with the final configuration details. Stay tuned!

Coming soon to a mainnet near you.

That's all folks!

🎙️ Listen to Kenny tell the story of StudioDAO on episode 9 of the Juicecast on Spotify and Apple Podcasts

🟢 Follow StudioDAO on Twitter: @studioDao

💬 Join StudioDAO’s Discord: https://discord.com/invite/YxPGn9pcdr

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials

· 6 min read
Matthew
Brileigh

How StudioDAO is building the first million person green-light committee on Juicebox.

🥱 Prequels, sequels, reboots

If you’ve streamed movies recently, you might have noticed that everything is starting to become homogenized. Superhero mix and match, cinderella with the latest celebrity, maybe an apocalypse or two. It’s becoming increasingly clear that we are no longer paving new roads but rather returning to the same old well-trodden paths. The traditional studio model behind film production is, at least, partly to blame for this. And StudioDAO is trying to fix it.

These constant reboots are often favoured over new ideas that seem like too much of a risk to investors. And to make matters worse, the filmmakers don’t reap nearly as much profits as the financiers. Here is how films are funded in the traditional studio model:

  • Filmmakers create a budget and pitch their film to financiers
  • Financiers provide funding, get repaid once the film is made, and get an extra 20-30% of the films profit
  • Financiers then receive ~ 50% of all revenue going forward and the filmmakers the other 50%

Other than the exorbitant take rates (50%? hmmm…), the problem is that financiers are assuming the risk of the success of the film. In other words, they are not incentivized to invest in new films without a proven track record and are much more amenable to franchises with successful past releases. This has lead to the franchise overload that we are currently experiencing where every movie in theaters or on streaming platforms seems to be a prequel, sequel, or reboot.

🟢 Enter StudioDAO, stage left

StudioDAO

Rather than relying on a centralized financier, StudioDAO is a decentralized movie studio working to become the first million person committee of fans green-lighting movies. By combining the power of collective action with NFT sales to fund films, anyone can participate regardless if they have 0.01, 0.1, or 1 ETH to contribute. For the first time ever the audience will have the opportunity to decide which films they want to fund and watch, all while building community and gaining behind-the-scenes access in the process.

Our goal is to have a million people come together to fund a movie for the price of a movie ticket

— Kenny

💸 StudioDAO’s hybrid funding model

While the idea behind StudioDAO is simple—fans coming together to fund films—their innovative funding model is complex, so let’s break it down. StudioDAO has three methods for funding films:

1) Retail NFTs

Using Juicebox’s new NFT rewards feature (coming soon to a mainnet near you), anyone can support projects at three different price points: 0.01, 0.1, and 1 ETH. These NFTs help fund the film’s production budget and are also collectibles that grant governance rights to the StudioDAO community wallet.

2) Community wallet

The StudioDAO treasury receives 30% of profits from projects. This community wallet is controlled by members of the DAO and can help fill in the gaps for films in the StudioDAO network that are raising funds for production. This process democratizes the experience of movie production by allowing DAO members to vote on which films should receive treasury funds.

3) Film financing fund

Last but not least, this method opens the door to the traditional financing world outside of NFTs and the crypto community. This fund requires investors to KYC and work together with the StudioDAO community to reach an agreement.

🎬 How does this work for filmmakers?

  • Filmmakers receive 70% of all profits made from their films;
  • Retain ownership of their film;
  • Control the distribution of their film

A DAO member will act as a filmmaker’s representative, make a pitch to the DAO on their behalf, and seek approval via governance. All DAO members are able to create and vote on proposals, allowing the community to curate content and vote on which films they want to see come to life. Once the vote gets approved, the DAO opens a new Juicebox project with three funding tiers and fundraising begins.

Unlikely Love Stories

❤️ StudioDAO’s first project: Unlikely Love Stories

Unlikely Love Stories is a dark comedy animated anthology that explores the highest highs and lowest lows of unexpected love in the most unexpected places. The anthology is inspired by the real life love story of Oscar-nominated producer Rosa Tran (Anomalisa, Robot Chicken) and Emmy-winning VFX artist Derek Smith who met at the 2010 Emmy awards and fell in love 7 dates later. Part 1: Tender Vittles tells a hilarious, slightly fucked up story about love when a sweet mouse falls in love with a dangerous yet delicious gingerbread cookie.

The first goal for Unlikely Love Stories is to raise $305,000 USD for the pilot episode Tender Vittles. To continue the anthology, the project will be aiming to raise $2,000,000 USD to produce a half season and $5,000,000 USD to fund the entire season. 90% of proceeds go towards funding the project and 10% goes to the StudioDAO community fund governed by DAO members.

Unlikely Love Stories NFT reward tiers

🧃 A transparent way forward

The idea of crowdfunding films isn’t new: Kickstarter has helped raise $500M USD for films over the last ten years, including 5.7 million for Veronica Mars in 2019. Fast forward to 2022, crowdfunding on Ethereum has opened up new ways for fans around the world to support films, like filmmaker Miguel Faus who crowdfunded his film Calladita with tiered NFTs. Going one step further than a one-time fundraise, StudioDAO is building a regenerative model in which project creators get to make their dream projects while fans get unprecedented access to the green-lighting process. And all of this magic happens transparently and out in the open on Juicebox.

There is a two trillion dollar entertainment market and there is a clear scenario for a decentralized studio to do one billion dollars of production 3-4 years from now.

— Kenny

🎙️ Listen to Kenny tell the story of StudioDAO on episode 9 of the Juicecast on Spotify and Apple Podcasts

🟢 Follow StudioDAO on Twitter: @studioDao

💬 Join StudioDAO’s Discord: https://discord.com/invite/YxPGn9pcdr

🐦 Follow Juicebox on Twitter: @JuiceboxETH

🚀 Trending projects on Juicebox

📚 Project Creator Docs

📹 YouTube Tutorials