MSM Corporation International Limited (“ASX: MSM”) is pleased to announce it has signed a Binding Memorandum of Understanding with The Riva Group LLC to negotiate definitive agreements for the launch of Megastar in India.
The Agreement is a major milestone in further expanding the global footprint of Megastar across non-English speaking territories and draws on the highly popular culture and following of Bollywood globally.
The Agreement provides an exclusive framework for the parties to negotiate and execute the required license and associated agreements to allow The Riva Group to operate an Indian version of Megastar. This licensing model has historically been highly successful and commonly used by other media and talent competitions (eg: Voice, Idol, X-Factor & Got Talent) when entering in to new territories.
MSM has undertaken expansive research of various territories and globally popular genres over the last 12 months in deciding on India and Bollywood as the most culturally diverse and exciting opportunity to enter in the next phase of Megastar’s growth strategy.
The key to expanding the Megastar brand and footprint is finding the right partners for selected territories and ensuring the principles and values of both organisations are aligned. MSM are proud to partner with The Riva Group who have a highly successful track record of delivering excellence in media, leisure, entertainment and cutting-edge technology.
The Riva Group Chairman Mr Paul Roy commented that “India represents the first of many potential regional and product offering opportunities leveraging the extensive entertainment and technology networks of both Megastar and The Riva Group’s Intellectually Property and existing licensing agreements.
We believe that together we can transform the way talent is both sourced and consumed globally; sharing culture and cutting through language barriers for all to enjoy.” Paul Roy, The Riva Group
The next step is for the parties to negotiate and agree a binding Heads of Agreement finalising, amongst other things, the funding and license fee obligations, and the anticipated timeline for the delivery of the first Bollywood version of Megastar.
These negotiations are to occur during a 90 day period of exclusivity agreed by the parties. MSM will provide a further update to the market upon execution of a binding Heads of Agreement, or as any more definitive agreements, are executed.
MSM Chairman Mr Adam Wellisch commented that “we look forward to working with The Riva Group to formalise the method and delivery timeline for the launch of Megastar into India. Riva is an exceptionally well credentialed partner for the operation of Megastar in several key growth markets. We are excited about the growth opportunities for Megastar as Paul and his team onboard key celebrities, partners and sponsors.
“The opportunity to grow the Megastar brand in Asia and other key markets is huge step towards solidifying Megastar as the world’s leading mobile-first talent and entertainment platform.” MSM Chairman Mr Adam Wellisch
MSMCI’s flagship product is Megastar, a global, mobile-first talent competition, featuring performers of any category, competing to win one Million US Dollars, a role in a film and various other prizes. Winners are chosen by fans voting in the competition through the Megastar App.
The first Megastar competition launched in MSMCI’s six core markets with the App available for download from the Apple and Google Stores. Additional Megastar competitions will subsequently launch in non-English speaking markets via partnering and licensing agreements.
The company recently reported that;-