ABS-CBN Goes Deeper Into Web3, Partners With Blockchain Provider
Broadcast giant ABS-CBN Corp. has inked a partnership agreement with blockchain infrastructure provider Theta Labs, which will help power the company’s various business units and its digital collectibles non-fungible token (NFT) business.
Theta Labs will also help ABS-CBN to develop new ways of consuming content and entertainment in the burgeoning landscape of Web3.
The partnership 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, said ABS-CBN Head of Digital Jamie Lopez.
“Our partnership with ThetaLabs is a very exciting chapter for us,” Lopez added. “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.”
Among the projects are the launch of NFT collections of iconic Filipino superheroine Darna and the romantic comedy “He’s Into Her.”
ABS-CBN said it would utilize Theta’s Video API across various business units, allowing them to experiment and explore the potential of Web3 technology to enhance viewer experience. Theta will also allow audiences to experience Web3 features and capabilities 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.”
Web3 is, according to its proselytizers, the next evolution of the internet, which is characterized by decentralization and the use of blockchain technology.