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Wednesday, 12th October 2011, 15:33:56
Sainsbury's acquires Global Media Vault to develop video streaming
Businesses considering the benefits of introducing video streaming services in the workplace could be interested in a recent announcement from retailer Sainsbury's.
The supermarket chain yesterday (October 11th) revealed it had purchased online entertainment firm Global Media Vault from MBL for £1 million as part of its transition into the digital entertainment market.
Following the launch of the Sainsbury's Entertainment website in November 2010, the move is set to assist the company in branching out into innovative and new markets.
Like Jensen, the company's group development director, said: "Online retailing and the delivery of digital content will play a key role in the future of entertainment so this is an important acquisition for Sainsbury's."
After it began trading in 2009, Global Media Vault's digital database has developed a unique entertainment, ecommerce and digital media platform, featuring over three million music, film and game assets for the UK market.
Using this service, affiliates are able to browse, purchase and distribute the content through online, mobile, TV and kiosk applications.
Mr Jensen went on to discuss how the acquisition has allowed Sainsbury's to focus time that would have been dedicated to building the platform from scratch on alternate projects.
"Securing this platform for Sainsbury's Entertainment shows how we are constantly looking to innovate and seize opportunities that will support the future growth of our business," he added.
News of the company's venture into video streaming technology comes after Verdict Research highlighted that the UK entertainment market is now worth £7.3 billion with the digital and online market showing strong growth.
Earlier this year, rival supermarket chain Tesco purchased an 80 per cent stake in movie-streaming website Blinkbox, which attracts approximately two million users every month.
The retailer announced plans to set up systems combining the purchase of physical products with the use of increasingly popular online services.
Posted by Kevin Jenson
Categories: | CDN / Networks / Streaming |
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