Shemaroo Partners With Near Foundation To Encourage Web3.0 Digital Infrastructure In Media And Entertainment Shemaroo will utilize the partnership to discover new use cases and identify new opportunities for decentralization, transparency, and immutability in the media & entertainment industry.
By Paromita Gupta •
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On Tuesday, Shemaroo Entertainment, a 60-year-old Indian media and entertainment company, announced it had partnered with Near Foundation. This non-profit organization supports funding and ecosystem development on Near Foundation, an open-source, climate-neutral blockchain.
"We are excited to use Near Foundation to launch our innovation cell and explore the potential of blockchain technology to transform the entertainment industry. As a forward-thinking business, we always seek out fresh approaches to innovate and improve our offerings to better serve our users. We believe that blockchain technology has the potential to unlock new possibilities and create new revenue streams for the industry. With Near becoming a Blockchain Operating System (BOS), it also makes it very easy for us to adopt Web3 faster and reduce time to market for projects," said Hiren Gada, CEO, Shemaroo.
Shemaroo will utilize the partnership to discover new use cases and identify new opportunities for decentralization, transparency, and immutability in the media & entertainment industry. It will primarily use Near's blockchain infrastructure and smart contract to develop new offerings for its users and will help the company to use the technology in areas such as audience engagement, content distribution, and rights management.
"We are thrilled to partner with Shemaroo Entertainment to explore the potential of blockchain technology in the media and entertainment industry. Shemaroo has a rich history in Indian cinema and is known for its innovative approach and extensive market reach that will expose Near to a completely new audience. The brand currently has a collection of over 3700 movie titles in multiple Indian languages and offers services to customers in over 30 countries, including the US, the UK, Singapore, the UAE and Australia. The company's partners for content distribution include Amazon Prime Video, Netflix and YouTube, among others, which gives Near major exposure to a mass audience. With the support of Near, Shemaroo will benefit from a robust and infinitely scalable foundation that can help India's premier entertainment company bring Web3 innovation to life and truly enhance the user experience," said Marieke Flament, CEO, Near Foundation.
One area of potential for Shemaroo is creating new forms of digital content. Combining Near's technology with its vast media content will enable Shemaroo to create unique and innovative digital content with the likes of non-fungible tokens and metaverse experiences.
Commenting on the partnership, Rahul Mishra, Head – Web 3.0 initiatives, said, "At Shemaroo, we believe that partnerships and collaborations are the key to unlocking new opportunities, and our association with Near Foundation is a testament to this belief. The expertise and technological prowess of Near Foundation, combined with Shemaroo's deep understanding of the entertainment industry, will create a unique synergy that can drive innovation and transform the industry's landscape. With the advent of blockchain technology, we see an opportunity to reimagine the way media and entertainment is consumed, distributed and monetized. This partnership is a significant step in this direction, and we are excited to embark on this journey together. As we continue to push the boundaries of what is possible, we remain committed to delivering exceptional content and experiences that resonate with our audiences."
