Mumbai, May 02, 2023: Shemaroo Entertainment Ltd, one of the major players in India’s media and entertainment industry with a long-standing legacy of 60 years, has teamed up 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.
In response to exciting new advancements in Web3.0 and the rising demand for enhanced user experiences, Shemaroo is using this partnership to establish a Web3.0 innovation cell that will concentrate on discovering the possibilities of blockchain technology and unlocking new opportunities for decentralization, transparency, and immutability in the media & entertainment industry. In particular, Shemaroo will tap into Near Foundation’s scalable blockchain infrastructure and smart contract capabilities to develop new solutions and services for its users.
“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.”
Near Foundation’s cutting-edge blockchain technology will enable Shemaroo to provide its users with enhanced security, faster transaction speeds and lower costs. The partnership will also enable Shemaroo to explore new use cases for blockchain technology in areas such as content distribution, rights management and audience engagement.
Shemaroo has a huge cumulative subscriber base and receives millions of views every day on their respective channels. With this level of audience reach, this partnership provides significant visibility for Near in an important market, something that will help move it towards its broader vision 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 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.”
Flament added, “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.”
One place where this innovation will be felt is in the creation of new forms of digital content. Shemaroo’s vast library of content across different formats combined with Near Foundation’s technology will enable Shemaroo to create innovative digital content including NFTs and metaverse experiences.
Commenting on the partnership, Rahul Mishra, Head – Web 3.0 initiatives, Shemaroo 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.”
Arpit Sharma, MD (India, SEA & Middle East) of the Near Foundation believes the strategic partnership with Shemaroo marks a significant milestone for the media and entertainment industry. He said, “Through our collaboration, we aim to leverage our cutting-edge innovations in blockchain technology and Shemaroo’s extensive industry expertise to create new opportunities for consumers to engage with content.”
Arpit added, “Shemaroo is poised to make a significant impact in the web3 ecosystem, and this partnership comes at the right time for both companies to exponentially scale adoption and delight consumers and the industry with many new offerings. We are confident that this partnership will result in game-changing developments that will benefit both organizations and the industry as a whole.”