FILM WALLET – A GLOBAL CONTENT MARKET PLATFORM IN DIGITAL FORM FOR SELLERS AND BUYERS OF FILM AND TV
Since the change in consumer culture in accessing various types of content, the role of media streaming has become more important, while TV and Film need to swiftly find other ways to provide, buy and sell content. This situation becomes more crucial when most new players in the streaming platform have already expanded their business modules quickly and aggressively when making investments to produce and license their own content. In this already narrowed situation, traditional media broadcasters are forced to adapt to this new trend by creating their own streaming platforms. However, while the year 2020 was considered a glorious year for the Over-the-top (OTT) media service and streaming market, the world was suddenly hit by the COVID-19 pandemic. The Corononavirus outbreak has changed the market outlooks for all industries, not to mention media and entertainment, especially in the TV and Film industry. The TV and Film industry were still getting content through the traditional method by attending exhibitions/markets or festivals just to buy and sell content. This process was time consuming and required significantly high costs. The TV and Film industry globally spends around USD240 billion every year buying content with the growth rate at 10% per year. However, the COVID-19 pandemic has left buyers and sellers unable to travel and attend TV and Film markets in several foreign countries. In fact, various entertainment events were postponed, film festivals were canceled, film distribution and marketing was disrupted and became slow. The global content market in the form of a digital platform developed by Film Wallet Group over these past two years seeks to find solutions and addresses these issues. Jack Yeoh, CEO of Film Wallet Group said, “The Film Wallet platform is a global content market dedicated to unite content owners and buyers digitally, while allowing content rights to transact globally online with just a few clicks.” “Film Wallet is at the right time and situation to provide a one-stop solution. It changes the traditional way of how the industry operates, thus revolutionizing the Film and TV industry.” “When we first develop this platform in 2018, we can already expect that there will be a content war between the streaming platform and traditional media broadcasters.” “But when the COVID-19 pandemic started and affected the whole world, it was a golden opportunity for Film Wallet to start operating as soon as possible and build its creative brand globally,” he further explained, with ten years of extensive experience in producing and distributing quality films in Malaysia and also abroad. In fact, he has experience in collaborating with film productions which includes partnerships in purchasing quality films from local and foreign production companies. Using his experience and network of contacts, Jack Yeoh added, “Our secured online marketplace allows sellers to upload TV and movie content, show release dates as well as submit marketing materials related to their film and tv products.” “Before making any offers, buyers can view, search and evaluate content easily. This platform is for content sellers and buyers to expand their network, as well as obtain data about this market community.” “What is important is our digital market can help sellers and buyers of Film and TV content to conduct business transactions safely. For content sellers who want to use this platform, there are no charges. Registration is absolutely free.” “All transactions between sellers and content buyers are also easy to conduct because we also help provide standard contract templates. With the Wallet Film, sellers and content buyers can both save time and minimize the cost of buying and selling,” he said. Jack Yeoh also explained, “Our team is now in the process of contacting local content owners and film producers to introduce this platform to them, and in future we will approach other countries as well.” “But, there are also some producers from within and outside the country who contacted us to express their interest in using Film Wallet services. In terms of content, it is not limited to movies only but also dramas, sitcoms, documentaries, magazines, sports and children programs,” he ended.