Snoop Dogg, Robert Rodriguez look to fans to finance projects
Snoop Dogg (picture) and filmmaker Robert Rodriguez are asking fans to invest in their upcoming projects, tapping a new way to raise funds for artists.
The rapper and the director of Spy Kids have partnered with Republic, an investing platform that has raised US$3 billion for companies spanning technology, real estate, gaming, sports and crypto, according to a statement Thursday. The company is also working with Pressman Film.
Republic said it will enable moviemakers to raise money at a time when financing from traditional sources has gotten more difficult. They can do so from fans who will help build an audience for a project before it is released.
Investors’ interests in debt, equity or revenue-sharing agreements will be issued using blockchain networks, including the smart contracts platform Avalanche. The company plans to create a secondary market for trading investments in films.
Unlike crowdfunding, in which fans essentially donate money to projects, these investors can participate in the revenue generated by the projects.
“This is a new avenue for film producers to tap their communities for investment,” said Marc Iserlis, who is leading Republic’s push into film. “It’s also allowing fans to engage and have a vested interest in projects they want to see in this world.”
Both Rodriguez and Pressman, which released films such as Wall Street and American Psycho, will use Republic to raise money for slates of new movies. Snoop Dogg will be raising money for an animated series developed by his son, Cordell Broadus.
Skybound Entertainment, the company led by Robert Kirkman, the creator of The Walking Dead, raised US$17.9 million via Republic last year. The English soccer team Watford FC, which has a current offering underway at Republic, had raised US$6.82 million as of Wednesday, according to the company’s website.
Based in New York City, Republic is backed by investors such as Valor Equity Partners, Galaxy Interactive, Hashed and AngelList. –BLOOMBERG
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