Fox Entertainment has acquired an equity stake in the vertical video platform Holywater.
The deal, which is aimed at advancing the media giant’s tech growth strategy and strengthening its commitment to digital storytelling and creators, will see the companies collaborate across original vertical video series production, ad sales and brand partnerships. It will also provide an opportunity to integrate popular Fox Entertainment IP for the vertical video format, including “storytelling extensions” for current Fox shows and remake projects.
“Innovation in digital storytelling is shaping the future of entertainment and investing in vertical video positions Fox Entertainment to achieve sustained, long-term growth as we build a modern studio for the future,” Fox Entertainment CEO Rob Wade said in a statement. “Holywater is at the forefront of this evolution, skillfully using technology to fuel creativity. This partnership is all about finding different, innovative ways to tell stories and inspire storytellers and creators like never before, while giving us the tools and flexibility to bring talent ideas to life faster, smarter and across more platforms worldwide.”
Financial terms of the deal were not disclosed.
Founded in 2020, Holywater, which has over 55 million users, pairs creators’ imagination with AI to bring stories to life and deliver them to global audiences.
Its content platforms include the vertical streaming app My Drama, the ad-supported vertical streaming app FreeBits, the independent digital book publishing platform My Passion and the vertical series platform My Muse, which produces content with the support of generative AI.
As part of the deal, Fox Entertainment Studios has committed to creating and producing an ongoing portfolio of more than 200 vertical video titles for My Drama over the next two years. Spanning all genres, including micro-dramas, the inaugural vertical video series to be produced by Fox Entertainment Studios includes “Billionaire Blackmail” and “Bound by Obsession,” both currently in production and shooting in Atlanta, Georgia.
The partnership also taps into Fox Entertainment Studios’ portfolio, from its scripted and unscripted studios to Studio Ramsay Global and Bento Box Entertainment and a talent roster that spans Denis Leary, Jon Hamm, Hannah Waddingham, Josh Charles, Annie Potts, Minnie Driver, and Ken Jeong, among others. It also leverages Fox’s library of 350 made-for-platform movies. Development deals with top Hollywood talent will be unveiled soon.
“Vertical streaming is one of the fastest-growing areas in entertainment, and our goal at Holywater is to make vertical series mainstream by raising the bar on quality and widening the genre slate,” Holywater co-founders and co-CEOs Bogdan Nesvit and Anatolii Kasianov added. “We’ve been focusing on storytelling depth to prove that verticals can carry premium drama, thriller, romance and more – not just a narrow set of tropes. Our partnership with Fox Entertainment validates that vision and gives us the scale and creative firepower to accelerate it. Fox has already been a collaborative, innovative partner, and together we’re empowering major talent and building a vibrant library of gripping vertical series for audiences worldwide.”
The Holywater investment marks Fox’s latest in the creator space, following an investment in The Lighthouse in June. Fox is also developing plans to further expand on that strategy by turning its Fox Studios Lot in Century city into a hub for creator-powered innovation.
In addition to Fox, Holywater leverages partnerships with tech giants like Meta, Google and TikTok to maximize the reach of its content.
The Raine Group served as Holywater’s advisor in connection with the transaction.
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‘ Some details of this article were extracted from the following source www.thewrap.com ’
