Fox invests in Eluvio, boosts blockchain business | Media Investment | Business | News | Rapid TV News
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Aiming to accelerate the adoption of the platform for managing, distributing, and monetising premium content, Fox Corporation has made a strategic investment in Eluvio.
eluvio 26Aug2021
Launched in 2019, Eluvio is led by 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 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. These are 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 providing 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. As part of the move, the companies also announced that Eluvio will provide the underlying technology platform for Blockchain Creative Labs, FOX Entertainment’s and Fox subsidiary Bento Box Entertainment’s recently launched NFT business and creative unit. In May 2021, 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.

Paul Cheesbrough, chief technology officer and president of digital for Fox Corporation will now join Eluvio’s board of directors and collaborate on Blockchain-based innovation across FOX’s estate. Commenting on his new role and the aims of the new organisation he said: “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…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.”

“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,” added 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.”