World Horse Racing Selects Veritone as Exclusive Digital Asset Management Provider
Veritone (NASDAQ: VERI) has entered a multi-year agreement with World Horse Racing, an international digital media entity supported by iconic horse racing organizations including Ascot Racecourse and the Breeders' Cup. Veritone's AI-powered Digital Media Hub (DMH) will be used for intelligent asset management, facilitating rapid content curation, distribution, and monetization. The collaboration aims to streamline media workflows, enhance global distribution, and provide centralized functionality for remote production environments. DMH offers advanced features like AI-driven search, content monetization, and future upgrades including semantic search and enhanced admin control.
- Multi-year agreement with World Horse Racing enhances Veritone's market position.
- DMH automates and accelerates media workflows, reducing workdays to minutes.
- Partnership facilitates global content distribution and monetization.
- None.
Insights
The partnership between Veritone and World Horse Racing introduces Veritone’s Digital Media Hub (DMH) as the new backbone for World Horse Racing's media management. This development signifies Veritone's growing influence in the sports and media ecosystem.
The decision to use Veritone's AI-powered platform highlights a shift towards advanced technology to streamline operations and enhance efficiency. The automation capabilities of DMH can significantly reduce the time and resources required to manage and distribute media content. This is particularly beneficial for organizations like World Horse Racing that handle vast amounts of digital assets.
Short-term impact: Improved operational efficiency and reduced costs for World Horse Racing. This could potentially lead to more frequent and diversified content offerings, enhancing fan engagement.
Long-term impact: The partnership with Veritone can set a precedent for other sports organizations to adopt similar AI-driven solutions, which could broaden Veritone’s market reach. Moreover, as content consumption increasingly moves online, efficient digital asset management becomes important for maintaining competitive advantage.
Potential benefits: Cost savings, faster content distribution and enhanced monetization opportunities. The integration of AI could also provide deeper insights into content performance, enabling better strategic decisions.
Drawbacks: Dependence on a single vendor for critical operations could pose risks if there are service disruptions. Additionally, initial implementation might involve a learning curve for staff.
For retail investors, this move underscores Veritone’s strategic positioning in the market and its potential for revenue growth through new partnerships and technological advancements.
Veritone’s DMH is a key technological solution designed to address complex media workflows. The integration of AI to manage and monetize media content is a significant leap forward in digital asset management.
Key features like AI-powered semantic search and automatic content ingestion could revolutionize how media assets are handled. These capabilities allow for faster content retrieval and better organization, which is particularly important for large-scale operations like World Horse Racing.
Additionally, the planned enhancements such as LLM-powered semantic search and advanced branding capabilities indicate Veritone’s commitment to continuous innovation, which can keep them ahead in the competitive tech landscape.
Implications for investors: The reliance on advanced AI technologies can position Veritone as a leader in digital media solutions, potentially driving long-term growth. However, it is important to monitor the execution of these technological promises to ensure they translate into real-world benefits.
Veritone’s AI-powered Digital Media Hub automates media workflows and provides content monetization capabilities
World Horse Racing is an international digital media organization established by five iconic horse racing entities – Ascot Racecourse, the Breeders’ Cup, The Hong Kong Jockey Club, Goodwood Racecourse and the Victoria Racing Club. The organization provides global horse racing fans with exclusive sport and lifestyle content and behind-the-scenes access from thoroughbred racing. By using DMH, World Horse Racing can quickly accelerate content collaboration and sharing, reducing days of work to just minutes.
DMH answers many of the challenges World Horse Racing and other sports organizations face including global distribution, controlled access to large-scale media archives, content monetization and centralized functionality for remote production environments. DMH creates efficiencies in media workflows and enables rights owners to monetize their content.
“We’re thrilled to work with Veritone and Engage Digital Partners to manage and bring our vast collection of media and content assets to life,” said Russell Scott, chief executive officer, World Horse Racing. “Veritone’s deep expertise in sports media, international presence and ability to lead us into the next era of media management make them the right technology partner. Their new breed of intelligent asset management technology will enable us to control, organize and distribute our content to licensing partners across the globe.”
“World Horse Racing is an iconic name in the international sports community and we are honored to work with their brand to provide state-of-the-art asset management technology,” said David Candler, senior sales director, Veritone. “Our strategic partnership with Engage Digital Partners has enabled us to add immense value to the archives of the world’s leading sports brands including World Horse Racing.”
Designed for content owners in media and entertainment, DMH is a white-label, cloud-native media hub that allows customers to immediately access, search, manage, share and monetize all media types including video, audio, images and documents. DMH automatically ingests content and runs it through multiple AI cognitive engines to provide superior search and discovery capabilities. Content rights owners can also monetize their archives by using Veritone’s Content Licensing services or by utilizing DMH as their own e-commerce marketplace.
DMH continues to innovate with a wide range of planned new features including a full user interface upgrade, modernized navigation, intelligent LLM-powered semantic search, advanced branding capabilities, one-click analytics using our award-winning Ask Veri feature, DMH Labs (the sandbox for emerging technologies such as Gen AI and enhanced admin control) and more. For further details on DMH enhancements, visit: https://go.veritone.com/dmh-updates.
For more information on DMH, please visit: https://www.veritone.com/applications/digital-media-hub.
About Veritone
Veritone (NASDAQ: VERI) builds human-centered enterprise AI solutions. Serving customers in the media, entertainment, public sector and talent acquisition 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.
About Engage Digital Partners
Engage Digital Partners work with some of the most progressive and successful sports and entertainment brands globally on their content. Driven by data, Engage Digital Partners uses the latest technology to help clients create high value content, build audiences, and drive new revenue streams. Its core services combine the power of digital strategy, creative production, and premium distribution to engage audiences across every screen. With offices in
About World Horse Racing
World Horse Racing is an alliance of five iconic global racing festivals, committed to celebrating the sport of horse racing and the incredible athletes who make it happen. Launched in May 2018 with the remit of helping a new generation of sports fans fall in love with the power and excitement of horse racing, while giving today’s racing enthusiasts exclusive, behind-the-scenes access to the sport they love, we are now the most watched social channel in the sport worldwide. To learn more, visit www.worldhorseracing.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 realised. 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/20240621000281/en/
Valerie Christopherson or Lora Metzner
Global Results Comms (GRC)
+1 949 608 0276
Veritone@globalresultspr.com
Source: Veritone, Inc.
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