Shemaroo and NEAR Foundation Accelerate Web3 Adoption in Indian Media and Entertainment
NEAR FOUNDATION
May 2, 2023
Shemaroo Entertainment, a prominent Indian content powerhouse with a diverse library of over 3,700 movie titles, a subscriber userbase of over 200 million people, and a vast global distribution network, is forging a strategic partnership with the NEAR Foundation to foster Web3 innovation in the media and entertainment industry — across  India and beyond. The partnership also paints an even brighter picture for NEAR and the entertainment sector.

With six decades of experience in Indian cinema, Shemaroo is synonymous with the Indian entertainment picture, consistently staying at the forefront of technological advancements, and adapting to the ever-changing landscape of content consumption. Sheramoo’s latest foray into Web3 and the metaverse with NEAR Foundation is the latest example.

Through this collaboration, Shemaroo aims to explore the potential applications of blockchain technology by establishing a dedicated Web3 innovation cell. The cell will focus on unlocking new opportunities for decentralization, transparency, and immutability in the media and entertainment sector. 

With over 600 employees in Delhi, Mumbai, and New Jersey, Sheramoo’s already global reach in the entertainment industry is rapidly growing. Sheramoo’s app is also available and used in over 150 countries and counting. This extensive and expanding global presence positions Shemaroo perfectly to explore and capitalize on the potential of Web3 in entertainment — powered by the NEAR Blockchain Operating System.

Shemaroo expands Web3 into Indian media
Together, Shemaroo and NEAR Foundation will develop pioneering products and services that leverage Web3 and Sheramoo’s vast content library. The Web 3 innovation cell will become a breeding ground for groundbreaking ideas in how blockchain technology can reshape multiple facets of the entertainment industry.

Shemaroo will take advantage of the BOS to develop scalable blockchain and smart contract services in areas like content distribution, rights management, and audience engagement. Hiren Gada, CEO of Shemaroo Entertainment, expressed enthusiasm for the partnership and the potential it holds for the future of media.

“As a forward-thinking company, we are always looking for new ways to innovate and enhance our offerings to better serve our users,” says Gada “We believe that blockchain technology has the potential to unlock new possibilities and create new revenue streams for the industry.” 

Gada also highlighted the benefits of NEAR becoming the Blockchain Operating System (BOS), which will ease and accelerate Sheramoo’s adoption of Web3, and reduce the time to market for projects. With NEAR, Shemaroo will provide Indian entertainment enthusiasts with enhanced security, faster transaction speeds, and lower costs for all forms of content engagement. 

Building Shemaroo’s next-gen content on NEAR
The partnership is expected to produce numerous benefits for both ecosystems. Shemaroo stands to increase brand awareness, reach new audiences, and develop fresh revenue streams while integrating cutting-edge technologies into its content. By building on NEAR, Shemaroo will be able to integrate things like NFTs and immersive metaverse experiences into both its vast existing library and future content.

Marieke Flament, CEO of the NEAR Foundation, shared her excitement about the partnership, saying, “We are thrilled to partner with Shemaroo Entertainment, a company with a rich history in Indian cinema and a vast market reach.” 

Flament added, “With a collection of over 3,700 movie titles and content distribution partners like Amazon Prime Video, Netflix, and YouTube, Shemaroo will expose NEAR to a completely new audience.”

Shemaroo garners over 100 million views per day, with a massive cumulative subscriber base of over 200 million. This impressive audience reach will make NEAR more visible in an important market, contributing to its broader vision of bringing one billion people to Web3 through strategic partnerships.

The partnership also helps increase the adoption of BOS, demonstrates the potential of blockchain technology in media and entertainment, and will attract new developers and partners in both the region and the entertainment industry. The partnership comes just shortly after the Foundation appointed Arpit Sharma to spearhead regional growth in India, ASEAN, and the Middle East.

The partnership between Shemaroo Entertainment and NEAR Foundation is an important step towards unlocking the full potential of blockchain technology in the world of media and entertainment. Using the Indian region as a breeding ground for innovation via Sheramoo’s Web3 cell, they’ll be setting a new standard for new forms of content for existing libraries.

