Crypto users can pay Bitcoin to subscribe and watch movies, says streaming platform Movies Plus.
In an announcement on Wednesday, the free movie streaming app Movies Plus said that it has become the “first streaming platform to accept Bitcoin.”
BREAKING
Movies Plus becomes the first streaming platform to accept Bitcoin!
You can now pay for your Movies Plus subscription in Bitcoin!
Click the in our bio and see for yourself. pic.twitter.com/34UbbRh7Ct
— Movies Plus (@MyMoviesPlus) March 12, 2024
To accept the leading digital currency, Movies Plus has collaborated with crypto payment processor Flash, which leverages Bitcoin Lightening Network.
The intersection between streaming service and crypto is poised to redefine how users consume content and perceive digital value.
With the move, subscribers can choose to pay for their favorite streaming services using Bitcoin, offering borderless payment option. It also caters growing crypto-savvy audience and aligns with the decentralized ethos of blockchain technology.
Competitors such as Netflix currently does not directly accept crypto payments, however, viewers can purchase Netflix gift card using bitcoin and other cryptocurrencies and redeem it to fund Netflix account.
In 2022, Netflix banned crypto commercials on its ad-supported subscription plan due to regulatory scrutiny. Previously, Netflix CFO David Wells expressed optimism towards Bitcoin, and how it is shaping to become the global currency. In 2016, reports circulated that Netflix was actively looking into Bitcoin payments.
Future of Streaming Meets Crypto
There are multiple streaming platforms already considering crypto as a payment option. For instance, Torrents blogs and sites are betting big on crypto.
However, one of the major downsides for now about crypto adoption rate. Streaming platforms that accept crypto payments right now limit their options to Bitcoin and one or two other altcoins. Adoption is still slow for other lesser-known tokens and there are also concerns about security and loss of funds.
Though options are limited, it won’t be a long stretch to predict global acceptance of crypto on streaming platforms. As crypto regulations become more precise and defined, more streaming platforms will get on board with digital currency payments.
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