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Highlights:
- Ai-Media announced recently that it has successfully renewed an exclusive agreement with Seven Network for five years.
- Through this agreement, Seven will shift from customary content delivery to tech-enabled content delivery through Ai-Media’s products like iCap Encode, Lexi and Smart Lexi.
- The terms of the agreement are likely to get implemented from Q3 FY23.
On 29 September 2022, the technology-enabled captioning transcription service provider Ai-Media Technologies Limited (ASX:AIM) announced that it had successfully renewed its agreement with Seven Network, one of the largest Australian broadcasting companies, for another five years.
Followed by this significant update, Ai-Media’s share price closed trading 7.931% stronger at AU$0.340 per share on ASX on Thursday (29 September 2022).
During the last 12 months, Ai-Media’s share price has fallen by more than 63% on ASX. On a YTD basis, the company’s shares have fallen over 52% on ASX (as of 4:10 PM AEST on Thursday).
Details of Ai-Media’s deal with Seven Network:
In a recent update, Ai-Media stated that it has successfully renewed an exclusive agreement with its strategic customer, Seven Network, for a term of five years. As a part of this agreement, Seven is supposed to extend its usage of Ai-Media’s products from customary premium services to technology products such as iCap Encode, Lexi and Smart Lexi and improve the usage of SubSilo.
Ai-Media also informed that Seven Network would soon become the first free-to-air broadcasting company in Australia, which will adopt the full suite of technology products of Ai-Media. The shift from customary services to an improved tech-enabled service is targeted to roll out in Q3 FY23, added Ai-Media in its update.
Tony Abrahams, Co-founder and Chief Executive Officer, Ai-Media, said:
Tony also added that this agreement would ramp up the company’s growth with respect to adopting to the latest technology and eventually bring recurring revenue. As a result, Tony believes that this will also deliver a diverse choice of captioned content to its viewers, thus pushing the company further towards its ultimate goal of ‘making the world’s content accessible for everyone’.
