Indian Firm Buys MovieBeam Assets
SEATTLE, LOS ANGELES, and MUMBAI, India -- The Valuable Group (http://www.valuablegroup.com), a leading Mumbai-based media and technology company, 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 today by Sanjay Gaikwad, Founder and Managing Director, Valuable Group, who also led the deal.
Initially launched by Disney in 2005, MovieBeam was conceived as an on-demand service to wirelessly download movies into customers’ homes via a set-top box. Through this acquisition, the Valuable Group will invest capital, management and technology resources to transform the existing MovieBeam platform 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 relaunch 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.