Blockchain
Fox Corporation Makes Strategic Investment In Eluvio And Selects Eluvio As Platform For Fox Entertainment’s And Bento Box Entertainment’s Recently Launched NFT Business Blockchain Creative Labs
Fox Corporation (Nasdaq: FOXA, FOX; “FOX”) and Eluvio, a global pioneer for managing, distributing, and monetizing premium content via blockchain, announced today that FOX has made a strategic investment in Eluvio to accelerate the adoption of Eluvio’s platform across the broader media and entertainment industry.
As part of the investment, the companies also announced that Eluvio will provide the underlying technology platform for Blockchain Creative Labs, FOX Entertainment’s and Bento Box Entertainment’s recently launched NFT business and creative unit.
Paul Cheesbrough, Chief Technology Officer and President of Digital for Fox Corporation, will also join Eluvio’s Board of Directors.
Launched in 2019, Eluvio is led by Emmy Award-winning technologists, Michelle Munson and Serban Simu, and the company’s Eluvio Content Fabric is an advanced, open protocol blockchain network purpose-built for owner-controlled storage, distribution, and monetization of digital content at scale. It provides live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting of derivative NFTs–all backed by blockchain contracts providing proof of ownership and access control. Eluvio LIVE, powered by the Eluvio Content Fabric, is a multi-tenant turnkey platform for publishers that provides 4K streaming and ticketing of events with media marketplaces. Fox Corporation’s investment marks the completion of Eluvio’s Series A round at a valuation of $100 million.
“At FOX, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,” said Cheesbrough. “Michelle, Serban and the Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”
“We believe there is great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will drive one another forward,” said Scott Greenberg, CEO of Blockchain Creative Labs and Co-Founder and CEO of Bento Box Entertainment. “The Eluvio team members are pioneers in the digital arena, and this strategic investment in Eluvio brings FOX and Blockchain Creative Labs an indispensable partner with whom we will build this business as we together chart the future for the NFT market.”
“We are incredibly honored and proud to have the backing of FOX as we embark on the next phase of growth and innovation at Eluvio,” said Munson. “FOX, Blockchain Creative Labs, and Eluvio share a common vision about the ability of blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed. We’re also particularly excited about the opportunity to work alongside companies that are arguably second to none when it comes to digital animation and multi-screen advertising. Together, we have amazing things planned for 2021 and beyond.”
Blockchain Creative Labs also selected Eluvio for its low environmental impact. Through a novel compositional and just-in-time protocol, the Eluvio Content Fabric does not make file copies and dramatically reduces the storage, network requirements, and latencies of traditional digital distribution systems; the Fabric’s blockchain avoids the computational energy consumption, and costs, of proof-of-work blockchains through its efficient proof-of-authority consensus and seamless combination of on and off chain transactions.
In May, FOX Entertainment and Bento Box entered the NFT business with the formation of Blockchain Creative Labs and a $100 million creator fund to identify growth opportunities in the space. As such, Blockchain Creative Labs will launch a dedicated digital marketplace for Emmy -winning creator Dan Harmon’s upcoming animated comedy, KRAPOPOLIS, marking the first animated series to be curated entirely on the blockchain. The company will manage and sell digital KRAPOPOLIS goods, including NFTs of one-of-a-kind character and background art and GIFs, as well as tokens that provide exclusive social experiences to engage and reward super fans. Set in mythical ancient Greece and centered on a flawed family of humans, gods and monsters that tries to run one of the world’s first cities without killing each other, KRAPOPOLIS is fully owned and financed by FOX Entertainment and will be produced by Bento Box. Additional news about Blockchain Creative Labs-driven content will be disclosed in the coming weeks.
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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