India Based Company Has Operated Games, Gaming
Platforms and Interactive Content for Major Partners Including
Vodafone, Glance and Others
Q India and
Maxamtech to Launch Branded Gaming Portal in 2023 Promoted Across
All Q India Channels
TORONTO and MUMBAI,
India, Oct. 20, 2022 /CNW/ - QYOU Media
Inc. (TSXV: QYOU) (OTCQB: QYOUF) announced today that it has
executed a binding term sheet to acquire a majority ownership stake
in Maxamtech Digital Ventures, a six year old India based venture creating technology and
games for the mobile gaming industry. Maxamtech currently operates,
via its proprietary platform Gaming 360, a variety of gaming
destinations for companies including Vodafone and Glance. The
acquisition continues the recent push by QYOU Media and The Q India
to ramp up its portfolio of direct-to-consumer products as it moves
into 2023. This includes recent announcements surrounding the
launch of the QPLAY app and a subsequent co-marketing agreement for
QPLAY running during the current T20 World Cup Cricket
competition.
The mobile gaming business in India has experienced an unprecedented rise in
recent years. KPMG has reported that there are 420 million online
gamers in India, making it second
only to China. This trajectory is
being driven by the growing younger population that finds itself
with more disposable income combined with a rapid rise in the use
of smartphones. Revenue in the mobile gaming business is expected
to reach over $5 billion USD in 2025,
largely fueled by discovery and adoption of casual and free to play
games, a specialty of Maxamtech's Gaming 360 platform.
Maxamtech Digital Ventures (https://www.maxamventures.com),
located in Pune India, was founded
in 2017 by Xerxes Mullen and Sundeep
Thusu, both veterans of the India
gaming industry. Their respective list of clients and partners over
the years have included Disney India, Sony, Viacom 18, Zee5,
Ooredoo, Glance, SpiceJet and many others. Most recently, the
company announced a key partnership with Vodafone (Click here) to
increase the major telco's efforts in the mobile gaming category.
Both Maxamtech founders will continue to serve lead roles in the
business overseeing all technology, business development and
marketing efforts.
Xerxes Mullen commented on the
acquisition, "We have been looking for the right partner to take
our business to the next level. Gaming continues to be one of the
biggest opportunities in the India
media and entertainment segment and we feel completely aligned with
the QYOU Media and Q India management teams on how we can really
grow our operation in a smart and profitable way. We couldn't be
more excited to begin this journey together."
QYOU Media CEO and Co-Founder Curt
Marvis, added, "We originally met the Maxamtech founders
over a year ago. Right away we knew there could be a powerful
combination of their technology and gaming know-how with our
ability to reach young audiences on a mass scale that has now
surpassed 125 million weekly viewers. As we push forward into 2023
to create greater opportunities to leverage our audience reach with
new products for monetization and interactivity, it was a natural
fit to bring this into our business more directly."
Pursuant to the Binding Term Sheet, QYOU Media has agreed to
initially purchase a stake of the issued and outstanding shares in
the Maxamtech business giving it majority control over the
enterprise. The closing of the acquisition is subject to closing
conditions customary for transactions of this nature and the
company expects to have finalized the initial purchase before the
end of 2022.
About QYOU Media
One of the fastest growing creator-media companies, QYOU Media
operates in India and the United States producing, distributing and
monetizing content created by social media influencers and digital
content stars. In India, under our
flagship brand, The Q, we curate, produce and distribute
premium content across television networks, VOD and OTT platforms,
mobile phones, smart TV's and app-based platforms. We now have 5
emerging content destinations engaging over 125 million Indian
households weekly – The Q (mass entertainment), Q
Marathi (regional content), Q Kahaniyan (animated content), Q
Comedistaan (comedy focused) and our latest Q-GameX (live
gaming). Our influencer marketing company, Chtrbox, has
been a pioneer in India's creator
economy, leveraging data to connect brands to the right social
media influencers. In the United
States, we power major film studios, game publishers and
brands to create content and market via creators and influencers.
Founded and created by industry veterans from Lionsgate, MTV,
Disney and Sony, QYOU Media's millennial and Gen Z-focused content
reaches more than one billion consumers around the world every
month. Experience our work at www.qyoumedia.com, www.theq.tv and
www.theqyou.com and www.chtrbox.com.
Join our shareholder chat group on Telegram:
http://t.me/QYOUMedia
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE QYOU Media Inc.