SAN JOSE, Calif. - XL8, a deep-tech startup, and Cineverse (NASDAQ: CNVS), a streaming technology company, have entered into an agreement to enhance Cineverse's Matchpoint platform with XL8's AI-powered captioning and localization capabilities. The collaboration aims to revolutionize content management and distribution by incorporating advanced AI-driven tools to cater to global audiences.
The partnership leverages XL8's real-time localization solutions, including AI-generated subtitles and captions, with Cineverse's content management and distribution platform, Matchpoint. This integration is expected to streamline the process of captioning and localizing large content libraries, reducing costs and offering diverse, accessible translations. By embedding AI localization into the media supply chain, Cineverse can now deliver a wider array of content more efficiently.
XL8's MediaCAT APIs will be a crucial component of Cineverse's digital media supply chain, enhancing the company's Matchpoint OTT and streaming platform. Matchpoint's automated workflows will now include translation, captioning, and localization, facilitated by XL8's AI technology. Cineverse, a leader in the Free Ad-Supported Streaming TV (FAST) sector, provides a scalable content delivery suite that will be bolstered by this new capability.
Josh Pine, CRO at XL8, expressed pride in the partnership, highlighting the significance of integrating their platform into an automated media delivery system for FAST. Tony Huidor, COO & CTO of Cineverse, emphasized the benefits of incorporating XL8's AI technology into Matchpoint, which will enable Cineverse and its partners to expand internationally without significant costs.
XL8's proprietary AI technology has translated over 800,000 hours of content and supports over 45 languages. Cineverse distributes over 71,000 premium films, series, and podcasts to more than 82 million unique viewers monthly, with this partnership set to further enhance its offerings.
Erick Opeka, Chief Strategy Officer & President at Cineverse, will be presenting at the StreamTV Show, taking place from June 24-26, 2024, in Denver, Colorado, where the latest streaming industry innovations will be showcased.
In other recent news, Cineverse Podcast Network has seen a significant surge in its listener base and downloads, ranking it #8 for listeners in North America. The network, which has recorded a 49% revenue increase, is planning to increase monthly downloads and streams to over 20 million by the end of the fiscal year. In addition, Cineverse has entered into a co-financing partnership with BondIt Media Capital for the production, acquisition, and distribution of North American film projects, starting with the domestic distribution rights of "Terrifier 3."
Furthermore, Cineverse has extended its partnership with Konami Cross Media NY, Inc., ensuring continued distribution of the widely recognized anime series Yu-Gi-Oh! The deal will contribute nearly 400 hours of content to various platforms and channel partners. The company's RetroCrush channel is set to receive new titles from Konami Cross Media NY, further boosting its anime content.
InvestingPro Insights
As Cineverse (NASDAQ: CNVS) gears up to enhance its Matchpoint platform through its partnership with XL8, it's worth noting some key financial metrics and insights that could impact the company's future performance. With a market capitalization of just over $11 million, Cineverse is a relatively small player in the streaming technology sector. The company's financial health is reflected in its price-to-book ratio, which stands at a mere 0.27, indicating that the stock is trading at a low valuation relative to its book value.
One of the InvestingPro Tips for Cineverse is its significant cash burn rate, which is an important consideration for investors as the company invests in new technologies and partnerships. Additionally, analysts are forecasting a sales decline for the current year, which could be a headwind for the company amidst its efforts to scale up operations and expand its content offerings.
Investors should also be aware of the stock's volatility, as it has experienced substantial price fluctuations over the past month, with a 1-month price total return of -16.99%. Moreover, the stock is trading near its 52-week low, which could either signal a buying opportunity for value investors or a cautionary flag for those concerned about the company's near-term prospects.
For those interested in deeper analysis and additional insights, there are over 10 more InvestingPro Tips available on Cineverse at https://www.investing.com/pro/CNVS. To access these tips and a comprehensive suite of investment tools, consider using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This promo code can provide valuable savings for those seeking advanced financial analysis and market intelligence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.