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The NEAR Protocol has partnered with Shemaroo Entertainment to promote Web3 adoption in the Indian media and entertainment market.
NEAR x Shemaroo Comes To India
Shemaroo Entertainment Limited, one of India's leading media conglomerates, has joined hands with the NEAR Foundation to promote the adoption of Web3 technology in the Indian media and entertainment industry. The two organizations have signed a strategic partnership agreement to leverage the benefits of blockchain technology for content distribution and monetization.
According to the official announcement made by the NEAR Foundation, the partnership will focus on building decentralized applications (dApps) that utilize blockchain technology to enable content creators to reach a wider audience while ensuring the security and transparency of transactions.
The partnership will also explore the use of non-fungible tokens (NFTs) to create unique digital assets for Shemaroo's vast library of content.
Shemaroo Books Another Web3 Deal
The NEAR Foundation's partnership with Shemaroo is expected to significantly boost the adoption of Web3 technology in the Indian media and entertainment industry, which is rapidly expanding due to the increasing popularity of online streaming platforms.
It will also make content distribution more efficient, transparent, and secure while providing content creators with new opportunities to monetize their work.
Speaking about the partnership, Hiren Gada, CEO of Shemaroo Entertainment Limited, expressed his excitement over the partnership that will help the company leverage the benefits of blockchain technology.
“As a forward-thinking company, we are always looking for new ways to innovate and enhance our offerings to better serve our users. We believe that blockchain technology has the potential to unlock new possibilities and create new revenue streams for the industry.”
According to Gada, blockchain technology will introduce new scopes and use cases to revolutionize how content is distributed and consumed in the country.
NEAR Eager For Indian Market
The NEAR Foundation is also optimistic about the partnership's potential to capture the Indian market and establish its expansion in a relatively unsaturated market. With over 100 million views per day and a sizeable subscriber base of over 200 million, Shemaroo boasts an impressive audience that will be exposed to NEAR’s Web3 efforts through this partnership.
Furthermore, it will also boost the adoption of NEAR’s blockchain operating system (BOS) by attracting new developers and partners in the country.
Marieke Flament, CEO of the NEAR Foundation, shared her excitement about the partnership, saying,
“We are thrilled to partner with Shemaroo Entertainment, a company with a rich history in Indian cinema and a vast market reach. With a collection of over 3,700 movie titles and content distribution partners like Amazon Prime Video, Netflix, and YouTube, Shemaroo will expose NEAR to a completely new audience.”
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.