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Cinedigm Finalizes Acquisition of Advanced Streaming Technology Platform FoundationTV; Forms Cinedigm India
Newest Division of Cinedigm will Develop Streaming Services for Booming Indian & South Asian Markets in Addition to Powering Cinedigm's Global Portfolio of
About this update from Cineverse Corp.
[{"type":"text","content":"Newest Division of Cinedigm will Develop Streaming Services for Booming Indian & South Asian Markets in Addition to Powering Cinedigm's Global Portfolio of Streaming ServicesLOS ANGELES, CA / ACCESSWIRE / June 14, 2021 / Cinedigm (NASDAQ:CIDM), the leading independent streaming entertainment company super-serving enthusiast fan bases, announced today that it has finalized the acquisition of FoundationTV. Founded in 2013 by a team of computer and data scientists from Apple, Oracle, NEC, and Yahoo, FoundationTV is a comprehensive video streaming technology, artificial intelligence, machine-learning, and data analytics platform provider. Based in India, the Company co-developed the Matchpoint technology platform that currently powers Cinedigm's portfolio of streaming channels and digital video distribution business.With this acquisition, Cinedigm has integrated FoundationTV's underlying technology portfolio with the Matchpoint digital distribution platform along with their respective software engineering team into a new Indian-based division, Cinedigm India. The new division will serve as the Company's engineering, research and development hub focused on next-generation video streaming technology and emerging technologies such as cryptocurrencies and NFT. As part of the acquisition, FoundationTV's engineering team will join Cinedigm and will be responsible for further developing and extending the combined platform's state-of-the-art capabilities and next-generation roadmap.In addition to enhancing and supplementing Cinedigm's technical prowess in OTT and digital distribution, the Cinedigm India team will begin architecting and developing the underlying technology for a global \"umbrella\" service that will allow Cinedigm to showcase its portfolio of more than 20 streaming channels and more than 15,000 hours of AVOD, SVOD & TVOD video content. The Company plans to enable subscriptions individually, as well as offer bundled pricing for various Cinedigm services. It will offer subscriptions for purchase directly from Cinedigm, via all major App Stores across the streaming ecosystem worldwide, and through major video distribution partners around the globe.The fully integrated platform will also be used to power and expand the Company's existing portfolio of streaming services while consolidating Cinedigm's recent acquisitions like The ...