Xfinite and leading over-the-top (OTT) platform Eros Now, owned by Eros STX Global Corporation (NYSE: ESGC), have announced that it has deepened its partnership with Xfinite's Mzaalo platform. Mzaalo platform is a gamified video streaming service targeting 10 million users by the end of the year.
Establishing Eros Now In AVOD
This partnership will help establish Eros Now in advertising video-on-demand (AVOD). This segment is still in a nascent stage in the Indian streaming market, which has significant growth potential. It will also allow Eros Now to continue to build on its core subscription video-on-demand (SVOD) service while also adding to the 25 premium linear TV feeds and VOD platforms, with plans to reach 200 content partners.
Putting Eros STX In A Leadership Position
The partnership also establishes Eros STX as a leader in digital asset growth and using blockchain technology, thanks to Xfinite's innovative business model. Algorand will act as the foundational blockchain infrastructure, while Xfinite will serve as the blockchain, hoping to accommodate increasing adoption.
Significant Buzz Around The Announcement
The announcement has created significant excitement in the community. CEO of Eros Now, Ali Hussein, commented,
"One of our strategic imperatives is to monetize the Eros Now platform fully. A key aspect of our strategy is to expand into ad-supported streaming, and this partnership with Mzaalo does just that. We have an opportunity to monetize the more than 224 million Eros Now registered users who are fans of our content offering but are also price-conscious. Mzaalo joins our already-substantial ecosystem of Eros Now distribution partners, including Bharti Airtel, Vodafone Idea, BSNL, Tata Sky, Apple, Amazon, and Roku – to highlight a few. The Mzaalo agreement is purposefully structured to provide ErosSTX with an appropriate mix of fixed and guaranteed cash payments and variable revenue participation as Mzaalo scales. We are excited about the growth opportunity this new partnership represents."
Swaneet Singh, the CEO of Xfinite Global Plc added,
"Xfinite aims to revolutionize digital media by bringing forth innovations to customer experience, data-driven engagement, and ecosystem economics for the benefit of the community. We offer a blockchain-based solution powered by Algorand to ensure transparency and re-establish trust in the digital world. We are extremely excited to be partnering with ErosSTX as part of our journey."
COO of Algorand, Sean Ford, in his comments on the partnership, stated,
"Eros has a visionary understanding of how blockchain can be leveraged for new opportunities in the media space. Broad blockchain adoption can only be achieved by creating tangible and inclusive products for any consumer, no matter what region they are in or what their background may be. With major partnerships with organizations that have millions of users, we are excited to support Mzaalo's new applications and welcome them to the Algorand community."
A Gamified Streaming Service
A decentralized application (dApp), Mzaalo is built on Algorand's blockchain, operating a gamified streaming service that offers users over 5000 hours of premium streaming content, along with other ways to engage with content and users.
Mzaalo gives users access to premium content such as films, short-form content, original series from Eros Now, and other platforms. Users are also rewarded for engagement through various social engagement features and other incentives, including the XET token.
Built Around XET
Xfinite is built around the XET token. The XET token serves as the native token of the Xfinite ecosystem, functioning as the governance mechanism for all stakeholders on the platform and as a value exchange mechanism.
Token holders can avail benefits such as the ability to tap into the economic incentives offered by the Xfinite platform. In addition, Mzaalo is Xfinite's first entertainment dApp, offering its users access to exclusive content from both Eros Now and other platforms.
A Crowded Digital Marketplace
Emerging markets such as India are characterized by crowded digital spaces growing at an exponential rate. These markets are also seeing brands move from traditional media such as print or television to Digital media.
India's internet users are expected to jump from 700 million in 2020 to over 974 million by 2025, which sees India on the cusp of a digital revolution. Mzaalo's approach of tokenization to monetize engagement is suited to the typical Indian consumer that has a variety of content options to choose from.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.