A press release published on September 20 by PRNewswire announced the team-up between video delivery blockchain startup Theta and two of South Korea’s biggest media outlets, MBN and CJ Hello. The partnership was made to help drive media engagement and power revenue growth.
The testnet launch from Theta revealed strong user engagement via the platform’s deployment on the SLIVER.tv esports platform, which rewarded users with Theta tokens for “restreaming” content. The deployment of the video network saw a 70 percent increase in monthly visits for SLIVER.tv, with the numbers hitting nearly 7 million visitors.
Average time spent on the new testnet was about 31 minutes, compared to 11 minutes across other channels and 6 minutes in Twitch during the same time frame. Since the launch of the testnet, Theta has seen more than 530,000 users across 150 countries share their bandwidth with the firm.
Ryu Ho-Gil, CEO of MBN, talked about the impending team-up, saying:
“Theta’s impressive early results from June convinced us to take a closer look at Theta as a media blockchain partner to build a decentralized video delivery network. We’re excited to collaborate with Theta to achieve three key business goals, deepen user engagement and session times across our platform, reduce content delivery costs and drive increased market share. Together, we hope to explore a range of exciting opportunities to deliver content in new ways.”
Meanwhile, Yooshim (Karen) Huh, Senior Vice President of CJ Hello, expressed her excitement with the partnership, saying:
“Speaking from my media experience working at YouTube Korea and Naver, the battle for consumer attention is fiercer than ever with a sea of content on every device from set-top boxes to mobile and web desktop. Theta’s new blockchain model provides a valuable weapon to stand out and encourage users to spend more time with content we’re already delivering, from hit TV shows to K-pop. With a focus on powering mobile and OTT solutions, Theta promises to be a core part of our long-term growth strategy.”
Mitch Liu, Theta’s Co-Founder and CEO, also weighed in on the partnership, stating that:
“These partnerships are like announcing deals with Comcast and Turner Media at the same time–and mark a major step toward taking blockchain technology to the mainstream and invent the future of media. MBN and CJ Hello are deploying real-world media and entertainment solutions powered by Theta that are still just theories for most companies. As video streaming continues to grow exponentially, these Korean media leaders are staying ahead with breakthrough innovation that’s proven to connect viewers with content at massive scale.”
South Korea is one of the global leaders in blockchain technology, media technology, and innovation. The country recently revealed it was investing over $200 Million in blockchain research. The country has also started refining regulations to decrease blockchain-related fraud and open the country’s market for development. Bithumb recently listed Theta’s token on their cryptocurrency exchange.
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