Babelgum invests $15 million in shorts
Investment to look into exclusive content
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The coin will fund specially commissioned 15-minute documentaries and narrative shorts.
Longer-form docs on specific themes -- the environment is one major area of focus -- may also be tapped, although these are likely to be produced in 15-minute sections for easy viewing online.
Babelgum is “transforming into a digital media studio,” spokesperson Andrea Giannotti said of the company, which uses peer-to-peer technology to deliver professionally produced content, instead of the user-generated clips of sites such as YouTube.
All the content will be exclusive online to Babelgum users, although execs at the web platform are also looking into other ways to monetize the material, including the possibility of selling longer versions on DVD or to TV broadcasters.
Babelgum has also formally opened its online film festival by making more than 1,000 shorts available for public viewing and voting.
The winners in seven categories will be announced May 20 at a gala awards ceremony in Cannes, during the Cannes Film Festival.
Babelgum users will vote for the nominees. The winners, who will each receive $30,700, will be chosen by an industry jury chaired by Spike Lee.
The Babelgum Online Film Festival is a showcase for new filmmaking talent. Entries have been submitted from 86 countries, and a quarter of them have not previously been seen. The U.S. provides 31% of the entries, with 22% from the U.K. and 10% from Italy.
Fest winners, and those filmmakers whose clips are the best ranked during selection, will be in prime position to apply for the Babelgum coin. Productions will be fully financed by Babelgum.
Babelgum’s financial independence is largely due to founder Silvio Scaglia’s deep pockets. In April of last year, he sold his majority share in Italian telco Fastweb to Swisscom. Forbes magazine estimated his personal wealth at $1.2 billion.
