ABS-CBN Corp. said on Monday it has entered into a partnership agreement with blockchain infrastructure provider Theta Labs Inc. to develop new ways of consuming content and entertainment.
Under the partnership, Theta will be the Web3 video infrastructure partner to power ABS-CBN’s various business units and its digital collectibles non-fungible token (NFT) business.
The partnership, according to ABS-CBN Head of Digital Eugenio Manuel “Jamie” Lopez IV, brings “fresh opportunities for media and entertainment fans in the Philippines,” starting with projects that have been finalized and are set to release in the coming months.
“Our partnership with ThetaLabs is a very exciting chapter for us. We are looking forward to testing and exploring Theta’s Web3 video and NFT DRM infrastructure and how it can enhance our audience experience across various businesses and IPs. Working with Theta will bring new features and capabilities to our viewers and push entertainment boundaries,” Lopez said.
These projects include the launch of NFT collections of Filipina superheroine Darna and the romantic comedy “He’s Into Her.”
ABS-CBN will also be utilizing Theta’s video API (application programming interface) across various business units. This will allow them to experiment and explore the potential of Web3 technology to enhance the viewer’s experience.
Lopez said with Theta, ABS-CBN aims to bring Web3 features and capabilities to its viewers and offer new ways to discover and engage with their favorite content.
“The widespread adoption of subscription and ad-supported streaming services, original IP and content in Southeast Asia, coupled with the success of the ‘Idol Philippines’ digital collectibles on the Theta blockchain, demonstrates the potential for exponential growth in the region,” said Mitch Liu, CEO at Theta Labs. “Through this partnership with ABS-CBN, we are thrilled to bring Theta’s video and Web3 infrastructure to millions of viewers in the media and entertainment industry.”
