Why Fox Is Investing Millions in NFTs and Blockchain Technology

variety.com:

Todd Spangler NY Digital EditorFox Corp. operates the only one of the four major U.S. broadcast networks that isn’t tied to a major direct-to-consumer subscription streaming play.

The company also is the only one among its peers that has launched a dedicated Web3 and NFT division.Those two things are related, says Charlie Collier, CEO of Fox Entertainment.“We have a competitive advantage in building a business on the blockchain,” he says. “We’re able to invest in that, instead of having a vertically integrated SVOD [subscription video-on-demand] service; we are not spending billions of dollars on content and focusing on churn.” Last year, Fox established Blockchain Creative Labs, a venture housed in its Bento Box Entertainment animation division.

BCL’s mandate: to create, launch, manage and sell non-fungible token content and experiences as well as other digital goods.But the strategy is not to make a cash grab for the craze around NFTs as speculative digital collectibles, according to Collier.

The long-term vision for BCL is to enable new business models for content distribution and consumer engagement — cutting out the streaming-platform middlemen and, someday, allowing fans to literally own a piece of their favorite TV shows.“This will pay dividends long into the future,” says Collier of Fox Corp.’s blockchain investments.Collier praises his bosses, Rupert Murdoch and Lachlan Murdoch, for fostering an entrepreneurial business culture that supports making big bets.