Mumbai: The Valuable Group has completed a transaction to purchase the assets of pioneering video on demand (VOD) service, MovieBeam, including all trademarks, technology, and alliances. The announcement was made by Valuable Group founder and managing director Sanjay Gaikwad, who also led the deal.
Initially launched by Disney in 2005, MovieBeam was conceived as an on-demand service to download movies wirelessly into customers’ homes via a set-top box. Through this acquisition, the Valuable Group will invest capital, management, and technology resources to serve the hospitality entertainment industries, with a partnership program that offers programming distribution to content providers and owners.
The Valuable Group, known for its success in rapidly building and operating numerous media and entertainment initiatives, also pioneered and runs the largest satellite based digital cinema network in the world (UFO Moviez). With multiple offices worldwide, Valuable has now expanded its presence to include Los Angeles and a state-of-the-art development MovieBeam facility in Seattle.
The company plans an initial investment of $100 million over the next two years for MovieBeam’s re-launch in North America, the United Kingdom and other overseas markets. Plans also include delivering films in High Definition, and offering viewers access to library films as well as the latest releases.
"This acquisition is a strategic fit in our global expansion strategy for our media and entertainment practice. Through MovieBeam, Valuable will further establish itself as a leader in the media and entertainment space by allowing us to deliver content to homes and the hospitality industry worldwide," said Gaikwad.
Valuable Group executive director and MovieBeam CEO Ameya Hete, who is spearheading this initiative said, "This service will completely redefine the on-demand entertainment market. We are adding cutting-edge features to the MovieBeam service that will bring additional and currently unrealized revenues back to the entertainment industry and the deserving constituents."