MUMBAI, India, May 5, 2023 /PRNewswire/ — Shemaroo Entertainment Ltd, a leading player in the M&E industry with a long-standing legacy of 60 years, has partnered with the Near Foundation, a non-profit organization that supports funding and ecosystem development on Near Foundation, the world’s fastest-growing, open source, climate neutral blockchain.
Shemaroo is partnering with Near Foundation to establish a Web3.0 innovation cell, exploring the potential of blockchain technology in the media and entertainment industry. By leveraging Near’s scalable infrastructure and smart contract capabilities, Shemaroo aims to develop innovative solutions and services for its users, focusing on decentralization, transparency, and immutability.
“We are excited to use Near Foundation to launch our innovation cell and explore the potential of blockchain technology to transform the entertainment industry,” said Hiren Gada, CEO – Shemaroo. ” 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.”
Through its partnership, Shemaroo can leverage cutting-edge blockchain technology to offer users enhanced security, faster transactions, and lower costs. This collaboration also enables Shemaroo to explore new use cases for blockchain technology in areas such as content distribution, rights management, and audience engagement. As Shemaroo has a large subscriber base and receives millions of daily views on their channels, this partnership provides significant visibility for Near in an important market, moving it closer to its goal of bringing 1 billion people to Web3.
“We are thrilled to partner with Shemaroo Entertainment to explore the potential of blockchain technology in the media and entertainment industry,” said Marieke Flament, CEO of the Near Foundation. “Shemaroo has a rich history in Indian cinema and an extensive market reach that will expose Near to a completely new audience. The brand currently has a collection of 3700+ movie titles in multiple Indian languages and offers services 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.”
Flament added, “With Near’s support, Shemaroo will benefit from a robust and infinitely scalable foundation that can help India’s premier entertainment company bring Web3 innovation to life and enhance the user experience.”
The impact of This innovation will be evident in the emergence of new forms of digital content. By leveraging Near Foundation’s technology and extensive library of content, Shemaroo will be empowered to produce inventive digital content, such as NFTs and metaverse experiences.
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