Fox Corporation has made a strategic investment in Eluvio, a specialist in managing, distributing, and monetising premium content via blockchain, which is designed to accelerate the adoption of Eluvio’s platform across the broader media and entertainment industry.
The investment will see Paul Cheesbrough, CTO and president of digital for Fox Corporation join Eluvio’s board of directors. Eluvio will provide the underlying technology platform for Blockchain Creative Labs, the recently launched NFT business and creative unit from Fox Entertainment and Bento Box Entertainment.
Eluvio was co-founded by leading technologists Michelle Munson (CEO) and Serban Simu (president), whose previous company Aspera was acquired by IBM in 2014 and won Emmy Awards for its file transfer technology.
The company’s Eluvio Content Fabric is an open protocol blockchain network which is “purpose-built for owner-controlled storage, distribution, and monetisation 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, 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.
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“At Fox, we believe that the blockchain, and the overall shift towards a more decentralised 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, decentralised experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”
Munson added, “We are incredibly honoured and proud to have the backing of Fox as we embark on the next phase of growth and innovation at Eluvio. 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,” she said. “Together, we have amazing things planned for 2021 and beyond.”
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.