The company plans to enable subscriptions individually, as well as offer bundled pricing for various Cinedigm services.
Cinedigm has finalised the acquisition of FoundationTV and has created a new division in India.
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 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 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 Film Detective, Fandor and Screambox into one unified platform.
Commenting on the development, Erick Opeka, Chief Strategy Officer and President of Cinedigm Networks, said: “This deal marks the beginning of Cinedigm’s global expansion with the entrance into the world’s fastest-growing streaming market. Not only will we have a world-class engineering hub, but we will also have an incredibly experienced team of professionals with deep, intrinsic market knowledge that will accelerate the growth of our streaming initiatives.”
Samrat Ganguly, Founder of FoundationTV, added: “Through this partnership, we are thrilled to integrate our intelligence-driven cloud-native streaming technology platform into Cinedigm’s growing streaming business. There’s a strong need for content in the booming Southeast Asian market and the technology will allow Cinedigm to expand their global streaming footprint to a new enthusiastic audience.”
Cinedigm India will also be tasked with leveraging Cinedigm’s current roster of streaming channels and content to build new experiences for the entire South Asian market, the second largest in the world with an estimated 800m streaming users monthly. As part of the acquisition, two founders of FoundationTV, Sudipta Ghorui and Sudeept Bhatnagar, will assume leadership roles and jointly oversee the Cinedigm India operations.