VERB to Provide the NBA’s Detroit Pistons with Interactive Video Technology to Drive Ticket and Merchandise Sales and Increase Fan Engagement in Multi-Year Deal

Rhea-AI Summary

Verb Technology Company (Nasdaq: VERB) has partnered with the Detroit Pistons to utilize its interactive, video-based sales solutions for enhancing digital content and marketing strategies. This multi-year collaboration aims to drive ticket and merchandise sales by creating engaging, shoppable digital experiences for fans. CEO Rory J. Cutaia highlighted the growth potential in the $600 billion sports entertainment industry, emphasizing how VERB's technology will help the Pistons connect better with their audience.

Positive

• Partnership with Detroit Pistons expected to enhance digital marketing and increase merchandise and ticket sales.
• Entry into the lucrative sports entertainment industry projected to reach $600 billion by 2025.

Negative

• None.

The Pistons will leverage VERB’s suite of interactive, video-based sales solutions in implementing new digital content and marketing strategies

NEWPORT BEACH, Calif. and SALT LAKE CITY, April 29, 2022 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the leader in interactive video-based sales enablement applications, including shoppable livestream, today announced that the Company has entered into a multi-year partnership with Michigan-based Detroit Pistons (“the Pistons”) of the National Basketball Association (NBA) to deploy VERB’s suite of sales enablement solutions in driving ticket and merchandise sales and engaging with the Pistons’ fans through interactive, shoppable digital content.

"Post pandemic, it has become clear that our fans and consumers want additional touch-points for interaction with the Pistons and it is equally important to the Pistons to successfully leverage our capacity for content creation to provide elevated digital experiences for our fans,” said Adam Falkson, VP, Business Intelligence, of the Detroit Pistons. “VERB’s technology will empower us to capitalize on our digital assets and content strategies in growing ticket and merchandise sales, and in effectively responding to the desires of our fans. Whether it is livestreamed or pre-recorded content, this interactive capability will be a significant enhancement to our new digital strategy.”

"The Detroit Pistons are an iconic brand with a legendary team history, and we could not be happier to have the Pistons using our technology,” said Rory J. Cutaia, CEO of VERB. “The incredible growth of our new sports entertainment vertical provides high visibility to VERB's underlying technology. The sports entertainment industry is expected to grow to reach almost $600 billion in 2025 and our participation in this industry growth will enable VERB to be a significant player in the innovation-push, as teams, leagues, and retailers/manufacturers look to capitalize on the convergence of entertainment and shoppability. We are thrilled to work with the Pistons and look forward to further expanding our presence across the sports entertainment vertical, both domestically and internationally.”

About VERB

Verb Technology Company, Inc. (Nasdaq: VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company’s Software-as-a-Service, or SaaS, platform is based on its proprietary interactive video technology, and is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB’s clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. Of note is its forthcoming MARKET, a multi-vendor, multi-presenter, livestream social shopping platform at the forefront of the convergence of ecommerce and entertainment. With approximately 170 employees, the Company is headquartered in American Fork, Utah, and also maintains offices in Newport Beach, California. 

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FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “anticipate,” “expect,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements contained in this press release relate to, among other things, the Company's projected financial performance and operating results, including SaaS Recurring Revenue, as well as statements regarding the Company's progress towards achieving its strategic objectives, including the successful integration and future performance of acquisitions. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to the COVID-19 pandemic and related public health measures on our business, customers, markets and the worldwide economy; our plans to attract new customers, retain existing customers and increase our annual revenue; the development and delivery of new products, including verbLIVE; our plans and expectations regarding software-as-a-service offerings; our ability to execute on, integrate, and realize the benefits of any acquisitions; fluctuations in our quarterly results of operations and other operating measures; increasing competition; general economic, market and business conditions. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. Investors are referred to our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, 10-KA, and Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investor Relations:
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Media Contact:
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FAQ

What is the partnership between VERB and the Detroit Pistons about?

VERB has teamed up with the Detroit Pistons to use its interactive sales solutions for improving ticket and merchandise sales through engaging digital content.

When was the partnership between VERB and the Detroit Pistons announced?

The partnership was announced on April 29, 2022.

What market is VERB looking to capitalize on with this partnership?

VERB is targeting the growing sports entertainment market, expected to reach nearly $600 billion by 2025.

How does VERB plan to support the Pistons in their marketing strategies?

VERB will implement interactive, video-based solutions to provide enhanced digital experiences and fan engagement.

What is the stock symbol for Verb Technology Company?

The stock symbol for Verb Technology Company is VERB.