Fox said it has made a strategic investment in Eluvio, a company that manages and monetizes content via blockchain technology.
Eluvio will provide the technology platform for Blockchain Creative Labs, the recently launched NFT business and creative unit for Fox Entertainment and Bento Box Entertainment.
Terms of the deal were not disclosed, but Fox said its investment marks the completion of Eluvio’s Series A financial round at a valuation of $100 million.
Fox said it’s investment is designed to accelerate the adoption of Eluvio’s platform across the media and entertainment industry.
“At Fox , we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,” said Paul Cheesbrough, chief technology officer and president for digital for Fox Corp. “The Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”
Cheesbrough will be joining the Eluvio board of directors.
Eluvio was launched in 2019 by Emmy Award winning technologists Michelle Munson and Serban Simu. Its Eluvio Content Fabric is a blockchain network that can handle publishing, coding, packaging, distribution and minting of NFT’s for live and file-based content.
“We are incredibly honored and proud to have the backing of Fox as we embark on the next phase of growth and innovation at Eluvio,” said Munson. “Fox, Blockchain Creative Labs, and Eluvio share a common vision about the ability of blockchain and ‘smart’ assets to fundamentally alter how digital entertainment is created, controlled, and distributed. We’re also particularly excited about the opportunity to work alongside companies that are arguably second to none when it comes to digital animation and multi-screen advertising. Together, we have amazing things planned for 2021 and beyond.”
