Veritone Announces Multi-Year Agreement with Tennis Australia to Expand Access to Premium Tennis Content
Veritone (NASDAQ: VERI) has secured a multi-year content licensing agreement with Tennis Australia, the governing body of tennis in Australia and host of the Australian Open, one of the four Grand Slam® tournaments. This deal allows Veritone to license archival match footage from the Australian Open to content buyers in North America. With this partnership, Veritone aims to provide a streamlined platform for its extensive customer base, spanning advertising, documentary, editorial, arts, and entertainment sectors, to access diverse tennis media. The agreement enhances Veritone's position as a leader in sports content licensing, adding to its existing partnerships with the US Open and the French Open. The Australian Open 2024 reached over 2.17 billion people globally, underscoring the significant value of this archival media.
- Veritone secured a multi-year licensing agreement with Tennis Australia.
- The deal allows licensing of Australian Open archival footage in North America.
- Veritone expands its leadership in sports content licensing, adding to existing partnerships with the US Open and French Open.
- The Australian Open 2024 reached over 2.17 billion people globally, highlighting the value of the content.
- None.
Insights
Veritone's agreement with Tennis Australia represents a significant move in the sports media licensing landscape. This arrangement allows Veritone to license archival match footage from the Australian Open, a Grand Slam event, to North American content buyers. The partnership underscores Veritone's strategy to consolidate premium sports content, enhancing its value proposition to clients in advertising, documentary, editorial and entertainment sectors.
From a market perspective, this deal strengthens Veritone's position as a key player in the digital asset management and licensing industry. It provides a more extensive and varied offering to their customer base, potentially increasing engagement and sales. However, it's essential to consider that the success of this initiative heavily relies on the demand for archival sports content, which can be cyclical and influenced by external factors such as current sports trends and media consumption patterns.
For retail investors, the news has positive implications. The expanded content portfolio can lead to increased revenue streams and market reach, leveraging the global popularity of the Australian Open. In the short term, the stock may experience a boost from this announcement, while in the long term, it can contribute to a more diversified and resilient revenue base.
Overall, this agreement is a strategic win for Veritone, enhancing its competitive edge and market presence in the sports media licensing domain.
From a financial perspective, Veritone's multi-year agreement with Tennis Australia could have positive revenue implications. Licensing archival match footage from a globally recognized event like the Australian Open diversifies Veritone's revenue streams and potentially stabilizes income from media licensing agreements.
However, investors should be aware of potential costs associated with managing and distributing this new content. While the existing infrastructure might mitigate some expenses, additional resources may be required to handle the increased volume and complexity of archival content. The agreement's financial benefits will also depend on the effectiveness of Veritone's marketing strategies and their ability to capitalize on the content's demand in North America.
In the short term, we might see increased revenue from initial licensing deals and heightened investor interest. Long term, this partnership could contribute to stable revenue growth, provided Veritone successfully manages operational costs and market demand remains robust. The deal aligns well with industry trends of content consolidation and premium media licensing, positioning Veritone for potential future successes.
Investors should monitor quarterly earnings reports for tangible financial impacts and any disclosed operational costs linked to this new agreement.
Veritone provides content buyers with a single source for premium sports content
The agreement enables Veritone to license archival match footage from the Australian Open to content buyers in
“We are excited to partner with Veritone to help drive the value of our archival media licensing business in North America,” said John Garcia, Head of Media Business Development, Tennis Australia. “We trust Veritone’s deep heritage in managing Grand Slam® tennis rights and are excited to enable licensees in
With the addition of Tennis Australia and the Australian Open to its roster, Veritone further solidifies its position as a leader in sports content licensing, providing unparalleled access to premium sports media and helping rights holders, rights owners and content creators maximize the value of their content assets.
“Veritone is now home to archival Grand Slam® media licensing, having signed Tennis Australia and Australian Open to our licensing roster, in addition to our long-standing relationships with the United States Tennis Association and the US Open, Fédération Française de Tennis and the French Open,” said Craig Caruso, Vice President, Sports Media & Commercial Partnerships at Veritone. “We look forward to bringing iconic moments from the Australian Open to our extensive buyer network.”
The Australian Open 2024 was a record-breaking event, reaching over 2.17 billion people globally.
About Veritone
Veritone (NASDAQ: VERI) designs human-centered AI solutions. Serving customers in the talent acquisition, media, entertainment and public sector industries, Veritone’s software and services empower individuals at the world’s largest and most recognizable brands to run more efficiently, accelerate decision making and increase profitability. Veritone’s leading enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models, transforming data sources into actionable intelligence. By blending human expertise with AI technology, Veritone advances human potential to help organizations solve problems and achieve more than ever before, enhancing lives everywhere. To learn more, visit Veritone.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240702354414/en/
Valerie Christopherson or Lora Metzner
Global Results Comms (GRC)
+1 949 608 0276
Veritone@globalresultspr.com
Sarah Rich
Veritone
srich@veritone.com
Source: Veritone, Inc.
FAQ
What is the recent agreement between Veritone and Tennis Australia?
What impact will the Veritone and Tennis Australia agreement have on content buyers in North America?
How does the new agreement enhance Veritone's position in sports content licensing?
How many people did the Australian Open 2024 reach globally?
