NEW YORK and BERKELEY, Calif.—Fox Corporation has announced that it has invested in the Series A round of funding for Eluvio and has said Eluvio will provide the underlying technology platform for Blockchain Creative Labs, Fox Entertainment’s and Bento Box Entertainment’s recently launched NFT business and creative unit.
As part of the investment, Paul Cheesbrough, chief technology officer and president of digital for Fox Corporation, will also join Eluvio’s Board of Directors.
Terms of the investment were not disclosed but Fox Corporation’s investment marks the completion of Eluvio’s Series A round at a valuation of $100 million.
The investment comes at a time when a number of studios and content creators are exploring the use of blockchain technologies for distributing and monetizing content.
Launched in 2019, Eluvio is led by Emmy Award-winning technologists, Michelle Munson and Serban Simu. It’s customer’s include Fox, MGM Studios, Sony Pictures, and others.
The company offers Eluvio Content Fabric, an open protocol blockchain network built for owner-controlled storage, distribution, and monetization of digital content at scale. It provides live and file-based content publishing, transcoding, packaging, sequencing, dynamic and static distribution, and minting of derivative NFTs–all backed by blockchain contracts providing proof of ownership and access control.
It also offers Eluvio LIVE. Powered by the Eluvio Content Fabric, Eluvio Live is a multi-tenant turnkey platform for publishers that provides 4K streaming and ticketing of events with media marketplaces.
As part of the investment, Fox said it hopes to accelerate the adoption of Eluvio’s technologies.
“At Fox, we believe that the blockchain, and the overall shift towards a more decentralized web, is providing creators with a wealth of opportunities to reach consumers with exciting new experiences,” said Cheesbrough. “Michelle, Serban and the Eluvio team are the best in the business when it comes to the software and scalable infrastructure required to power live, decentralized experiences across the blockchain and our investment will help bring this technology to a wider market of content creators, media partners and advertising clients.”
“We believe there is great opportunity in tokenized media on the blockchain, which represents a new era in how technology and entertainment will drive one another forward,” said Scott Greenberg, CEO of Blockchain Creative Labs and co-founder and CEO of Bento Box Entertainment. “The Eluvio team members are pioneers in the digital arena, and this strategic investment in Eluvio brings Fox and Blockchain Creative Labs an indispensable partner with whom we will build this business as we together chart the future for the NFT market.”
In May, Fox Entertainment and Bento Box entered the NFT business with the formation of Blockchain Creative Labs and a $100 million creator fund to identify growth opportunities in the space.
Blockchain Creative Labs plans to launch a dedicated digital marketplace for Emmy-winning creator Dan Harmon’s upcoming animated comedy, "KRAPOPOLIS," marking the first animated series to be curated entirely on the blockchain. The company will manage and sell digital "KRAPOPOLIS" goods, including NFTs of one-of-a-kind character and background art and GIFs, as well as tokens that provide exclusive social experiences to engage and reward super fans. "KRAPOPOLIS" is fully owned and financed by Fox Entertainment and will be produced by Bento Box.
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