Fox has made a strategic investment in blockchain-for-video specialist Eluvio that will accelerate the adoption of Eluvio’s platform across the broader media and entertainment industry, according to the company.
The pair have also announced that Eluvio will provide the underlying technology platform for Blockchain Creative Labs, Fox Entertainment’s and Bento Box Entertainment’s recently launched non-fungible token (NFT) business and creative unit. NFTs are unique digital assets such as digital artworks.
Paul Cheesbrough, CTO and president of digital for Fox Corporation, will also join Eluvio’s board of directors.
Fox Corporation’s investment marks the completion of Eluvio’s Series A round at a valuation of US$100 million.
Fox Entertainment and Bento Box entered the NFT business in May with the formation of Blockchain Creative Labs and a US$100 million creator fund to identify growth opportunities in the space.
Launched in 2019, Eluvio is led by technologists Michelle Munson and Serban Simu. The company describes its Eluvio Content Fabric offering as an open protocol blockchain network purpose-built for owner-controlled storage, distribution, and monetization of digital content at scale.
The product 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 platform for publishers that provides 4K streaming and ticketing of events with media marketplaces.
“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. 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,” said Cheesbrough.
“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. 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,” said Scott Greenberg, CEO of Blockchain Creative Labs and co-founder and CEO of Bento Box Entertainment.
“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. Together, we have amazing things planned for 2021 and beyond,” said Munson.