UK company to set up office in China following investment of $1m for VOD growth into the country.
Glasgow-based VOD platform Distrify Media has secured investment of nearly $1m from international venture syndicate ESM Investments, alongside ongoing support from other investment bodies.
The funding has been earmarked to support Distrify Media’s development and expansion, which includes a landmark deal to launch an international Chinese VOD portal and to distribute locally produced films internationally.
Distrify Media is the first European VOD company to sign a distribution deal with China’s CNTV and the company’s digital arm Future TV.
The deal will see Distrify Media technology deliver Future TV videos online including mobile apps and Smart TV as part of the deal. Distrify will also gain an outpost at the headquarters of Future TV in Tianjin, China, expanding its current workforce beyond Glasgow and Tel Aviv.
The partnership will see Future TV content - more than 1.5 million hours of programming - available around the world on the brand new VOD platform to be developed by Distrify Media.
Distrify Media’s current catalogue of titles, available in more than 160 countries, will also be available on the new Chinese VOD platform.
The was facilitated by UKTI (UK Trade and Investment), the government department which works with British businesses looking to grow in international markets.
Announcing the deal, Distrify Media CEO Andy Green said: “We have been working hard to grow the business rapidly over the past year. With the exceptional work of UKTI and ongoing support from Scottish Development International, and the European Commission, we are now in the position to enter into such a significant and unique agreement with CNTV.
“Our partnership will benefit our existing rights holders and distributors as well as forging new ground in China, a priority territory for any content producer or distributor. The deal will also allow us to showcase Chinese content around the world and finding new audiences.
“In addition, the appointment of our new chairman David McIntosh demonstrates the ambition of Distrify Media to become the world leader of video monetisation online.”
Distrify Media already has deals in place with the BFI, Film4, BBC, The Guardian and Creative Europe.