Hong Kong-based entertainment company launches ICO
Magic Mavo Studio Ltd, an entertainment company based in Hong Kong, has launched an initial coin offering to build Mavo, a video playback program built on blockchain smart contract technology, according to a press release. This announcement comes in the wake of the Chinese government's ban on ICOs.
This platform will allow filmmakers to maintain greater control over content rights. It will also enable producers, viewers and advertisers to work together to help craft a better film industry.
"Mavo is built on a solid foundation made up of a sound business model, a highly knowledgeable talent pool as well as an established and extensive network within the global filmmaking ecosystem," Magic Mavo founder and CEO Jack Lee said in the release. "Mavo intends to not only capture a significant share of the traditional 'box office' and contemporary online streaming pies, but also shake up the industry in a way that is more equitable for all participants. At the same time, Mavo can also inspire more creative, entertaining and innovative content that will benefit audiences worldwide."