fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced it has closed its acquisition
of Edisn.ai, an AI-powered computer vision platform with
patent-pending video recognition technologies based in Bangalore,
India.
The Edisn.ai acquisition helps drive fuboTV’s mission to create
a more interactive and immersive live TV experience. Earlier this
year, fuboTV launched predictive, free-to-play games and FanView, a
feature that adds live stats and scores to the sports viewing
experience. Additionally in November, the company’s Fubo Gaming
subsidiary launched Fubo Sportsbook, a next-generation mobile
sportsbook purpose-built to integrate with fuboTV.
Edisn.ai’s computer vision technology - which can recognize and
track key objects in live video feeds (including athletes, actors,
brand logos, products, events and more) - will enable fuboTV to
further innovate its interactive live TV streaming experience
through better play-by-play identification and frame-accurate
video-data synchronization. By extracting metadata directly from
fuboTV’s live video feeds, Edisn.ai’s technology can also make
improvements to the accuracy of fuboTV’s electronic program guide
and cloud DVR by automatically detecting when a live sporting event
has ended or gone into overtime.
The acquisition will also enable fuboTV to expand its ad tech
capabilities, such as better detection of ad breaks and targeted
contextual advertising, in addition to creating the potential for
integrated e-commerce (e.g. “buy what you see on screen”).
fuboTV also intends to leverage Edisn.ai’s tech synergies for
international expansion alongside its planned acquisition of
France’s leading live TV streaming platform, Molotov.
Edisn.ai Co-founder and CEO Ashok Karanth will join fuboTV as
general manager, fuboTV India. Also joining fuboTV are Edisn.ai’s
talented team of nearly two dozen data scientists and engineers,
led by Co-founder and CTO Akshay Chandrasekhar. Edisn.ai will
continue to be based in India, where fuboTV intends to expand its
data science and engineering organization.
“Edisn.ai’s computer vision platform unlocks many capabilities
that are critical for creating a sports-first, interactive live TV
experience like fuboTV,” said Mike Berkley, chief product officer,
fuboTV. “With this technology, we will be able to better detect and
synchronize play-by-play data feeds with live and time shifted
action - such as goals scored - on the screen. The opportunities
this technology opens up for fubo - from improving our interactive
features to expanding our ad tech offerings for brands - are
numerous. I’m thrilled to welcome Ashok, Akshay and the Edisn.ai
data science team to fuboTV.”
About fuboTV
With a mission to provide the world’s most thrilling
sports-first live TV experience through the greatest breadth of
premium content, interactivity and integrated wagering, fuboTV Inc.
(NYSE: FUBO) is focused on bringing to life its vision of a
streaming platform that transcends the industry’s current virtual
MVPD model. fuboTV Inc. operates in the U.S., Canada, Spain and,
through its expected acquisition of Molotov, in France.
Leveraging its proprietary data and technology platform
optimized for live TV and sports viewership, fuboTV Inc. aims to
turn passive viewers into active participants and define a new
category of interactive sports and entertainment television.
Through its cable TV replacement product, fuboTV, subscribers can
stream a broad mix of 100+ live TV channels, including 74 of the
top 100 Nielsen-ranked networks across sports, news and
entertainment — more than any other live TV streaming platform
(source: Nielsen Total Viewers, 2020). Subscribers can interact
with fuboTV’s live streaming experience through predictive
free-to-play games, which are integrated into select sports
content.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo
Sportsbook, a next-generation mobile sportsbook purpose-built to
integrate with fuboTV, in 2021.
Forward-Looking
Statements
This press release contains forward-looking statements of fuboTV
Inc. (“fuboTV”) that involve substantial risks and uncertainties.
All statements contained in this press release that do not relate
to matters of historical fact are forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995, including statements regarding the Molotov acquisition,
expected synergies of the technology platforms, our international
expansion plans and the markets in which we expect to operate, our
financial condition, anticipated financial performance, market
opportunity and our business strategy and plans. The words “could,”
“will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,”
“potential,” “believe” or the negative of these terms or other
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements that fuboTV makes due to a number of
important factors, including but not limited to risks related to
our pursuit and engagement in acquisitions; our actual operating
results may differ significantly from our guidance; risks related
to the Company’s access to capital and fundraising prospects to
fund its ongoing operations and support its planned growth; the
restrictions imposed by content providers on our distribution and
marketing of our products and services; our reliance on third party
platforms to operate certain aspects of our business; risks related
to our technology, as well as cybersecurity and data
privacy-related risks; our ability to achieve or maintain
profitability; our revenue and gross profit are subject to
seasonality; our operating results may fluctuate; our ability to
attract and retain subscribers; we may not be able to license
streaming content or other rights on acceptable terms; risks
related to our ability to capitalize develop and market a sports
wagering offering and the regulatory regime and related risks
associated with such offering; risks related to the difficulty in
measuring key metrics related to our business; risks related to the
highly competitive nature of our industry; risks related to ongoing
or future legal proceedings; and other risks, including the effects
of industry, market, economic, political or regulatory conditions,
future exchange and interest rates, and changes in tax and other
laws, regulations, rates and policies, including the impact of
COVID-19 on the broader market. Further risks that could cause
actual results to differ materially from those matters expressed in
or implied by such forward-looking statements are discussed in our
Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2021 filed with the Securities and Exchange
Commission (“SEC”) on November 10, 2021 and our other periodic
filings with the SEC. We encourage you to read such risks in
detail. The forward-looking statements in this press release
represent fuboTV’s views as of the date of this press release.
fuboTV anticipates that subsequent events and developments will
cause its views to change. However, while it may elect to update
these forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. You should,
therefore, not rely on these forward-looking statements as
representing fuboTV’s views as of any date subsequent to the date
of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211201006125/en/
Investor Contacts Alison Sternberg, fuboTV
asternberg@fubo.tv The Blueshirt Group for fuboTV ir@fubo.tv
Media Contacts Jennifer L. Press, fuboTV jpress@fubo.tv
Bianca Illion, fuboTV billion@fubo.tv
fuboTV (NYSE:FUBO)
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