Fox 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...
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