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Sony seeks partners for streaming service Crackle

To identify potential partners, Sony has engaged investment bank Moelis & Co.

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MUMBAI: For getting stronger foothold in the over-the-top (OTT) market, Sony Pictures Television is looking to take a partner in Crackle, its ad supported streaming service. The aim is to make the platform more competitive in the congested market.

“Crackle is a tremendously valuable asset for us, and with premium AVOD [advertising video-on-demand] getting more and more traction as advertisers seek high value online advertising opportunities, we feel there is room for greater growth for our OTT business,” Sony Pictures Television chairman Mike Hopkins wrote in an e-mail addressed to staffs.

To identify potential partners, Sony has engaged investment bank Moelis & Co. Sony is looking for partners like another ad-supported VOD provider or another media and entertainment company with a large content library and TV networks for, or a telecom business with high-scale direct-to-consumer reach.

Sony claims Crackle apps which are available in 20 countries have been downloaded more than 100 million times to date. The company acquired web-video startup called Grouper for $65 million six years back, which later became Crackle.

“With the right partner - one that could bring additional content or users or leverage existing assets for advertising and promotion — we feel we can expand Crackle’s audience and significantly increase revenue,” Hopkins added.

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