Shemaroo, Near Foundation to Launch Web3 Innovation Cell, Explore Blockchain Uses for India’s Media Industry
Shemaroo Entertainment, counted among India’s most well-known media brands, is interested in exploring the ways blockchain industry can modernise India’s large and diverse media and entertainment sector. In this direction, the Mumbai-based company announced a partnership with Near Foundation, that manages the eco-friendly Near blockchain, on Tuesday, May 2. The aim of this partnership is to bring immutability, transparency, as well as decentralisation to India’s entertainment and media sphere. Blockchain technology has left both the government of India as well as the industry players here intrigued about its potential use cases.
As part of their deal, Shemaroo will launch a Web3 innovation cell supported by Near blockchain’s infrastructure and smart contract capabilities.
“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, in a prepared statement.
Content distribution, audience engagement, rights management, and making content consumption more cost-effective are among the top angles wherein Shemaroo is looking to usher in blockchain solutions.
Founded in February 2021, the Near Foundation is headquartered in Zug, Switzerland. The non-government, non-profit organisation oversees the funding, ecosystem development, as well as core governance of the Near blockchain.
For Near Foundation, this partnership brings exposure to it from to content mammoths like Amazon Prime Video, Netflix, and YouTube among others, that are already in some or the other partnerships with Shemaroo.
“We are thrilled to partner with Shemaroo Entertainment to explore the potential of blockchain technology in the media and entertainment industry. The company’s partners for content distribution gives Near major exposure to a mass audience,” said Marieke Flament, CEO of the Near Foundation.
This is not the first time, however, that Shemaroo has dabbled in the Web3 space in India.
In February this year, the entertainment brand partnered with Polygon to launch an NFT marketplace called Virtasy.io. This platform will be Bollywood themed and will connect fans with their favourite artists, actors, as well as movies.
In fact, last year Shemaroo launched a metaverse cinema experience in Decentraland.