SOURCE: KIT digital, Inc.
AMSTERDAM, THE NETHERLANDS--(Marketwire - Sep 13, 2011) - KIT digital, Inc. (NASDAQ: KITD), a premium cloud-based software solutions and technology services provider for multiscreen video management and delivery, announced today a broad ranging partnership with LG Electronics to provide IP video platform technology, content and professional services to the company's Home Entertainment Division for its Smart TV platform.
Under the terms of the agreement, KIT digital and LG will work together to develop and deploy a joint multiscreen over-the-top video (OTT) solution to provide viewers with anytime access to live and on-demand premium 2D and 3D content on LG Smart TVs globally. The cooperation will encompass the following:
- LG will leverage the KIT Video Platform, KIT digital's cloud-based video asset management solution, to power LG's 3D Zone service, which provides applications on LG Smart TVs for viewing premium 3D video content
- KIT digital and LG will approach leading global multichannel video programming distributors (MVPDs) with this joint solution to offer them the ability to operate their premium content services seamlessly on LG Smart TVs
- LG will leverage KIT digital's global content services capabilities for 2D and 3D content licensing to augment LG's catalogue for its TV apps and 3D Zone service.
"As LG enters the domain of content portals and app stores, we require partners such as KIT digital to assist us in multiscreen, IP-based video production, management and delivery," said Young-jae Seo, vice president in charge of LG's Smart TV team. "This robust cloud-based video content solution will be an important driver for our Smart TV strategy, as well as our proposed offering to MVPDs globally. This new ecosystem requires partnership and collaboration with businesses that are dedicated to providing and developing the technologies to meet growing customer demand for access to premium 3D content in the home."
Future cooperation between KIT digital and LG will also focus on multiscreen, 360-degree experiences across connected LG Electronics products, delivering interactive companion screen capabilities for IPTV and OTT customers. Billing and back office services to support paid content opportunities will also be delivered under the agreement.
Alex Blum, chief operating officer of KIT digital, commented: "We are delighted to be collaborating with LG to provide a seamless service to global pay TV operators that leverages KIT digital's industry-leading video platform solutions together with LG's innovative Smart TV platforms. In emerging areas like Social TV and 3D content delivery over IP, this type of collaboration between software publishers and consumer electronic manufacturers is essential for ushering in the future of broadband-delivered and 3D-capable TV."
About KIT digital, Inc.
KIT digital (NASDAQ: KITD) is a premium provider of end-to-end video management software and related services. The KIT Video Platform, the company's cloud-based video asset management system, enables enterprise, media & entertainment and network operator clients to produce, manage and deliver multi-screen socially-enabled video experiences to audiences wherever they are. KIT digital services more than 2,300 clients in 50+ countries including some of the world's biggest brands, such as Airbus, The Associated Press, BBC, Best Buy, Bristol-Myers Squibb, Disney-ABC, FedEx, Google, HP, MTV, News Corp, Telecom Argentina, Telefonica, Universal Studios, Verizon, Vodafone and Volkswagen. KIT digital maintains executive offices in New York and its operational headquarters in Prague, Czech Republic, with offices in 21 countries around the world. Visit the company at www.kitd.com or follow on Twitter at www.twitter.com/KITdigital.