SGX-listed companies 17LIVE Group LVR and mm2 Asia 1B0 have signed a memorandum of understanding (MOU) to strengthen and amplify their collective entertainment offerings and production capabilities across Southeast Asia.
The MOU seeks to enhance collaboration and cooperation between 17LIVE and mm2 in entertainment marketing and production-related activities of long-form entertainment content across Asia, leveraging 17LIVE’s proprietary virtual liver (V-Liver) intellectual property.
This includes a potential joint venture (JV) focused on delivering high-quality live stream content via a platform co-owned by both companies.
The agreement will also see 17LIVE, a leading pure-play live streaming platform in Japan and Taiwan by revenue, explore investment opportunities in Southeast Asian entertainment content with mm2 to maximise growth and deliver value for its streamers.
17Live says the partnership provides additional platforms to expand its flagship offline streamer events, which have generated 100,000s in attendees across Taiwan and Japan to the Southeast Asia region, while harnessing marketing synergies across both networks.
In addition, mm2 will gain access to a global talent pool while 17LIVE streamers will be able to further their aspirations as they engage with a wider audience.
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Joseph Phua, CEO of 17LIVE, says: “mm2 is a leading regional media and entertainment company and was also the first local film production company to be listed on the SGXST, just as 17LIVE was the first live streaming platform to be listed [on the SGXST].”
“We share many common values and this collaboration will allow us to harness synergies and accelerate our growth across Singapore, Malaysia and the rest of Southeast Asia whilst giving our streamers exposure and amplification across a wider audience. This partnership is a natural step as we execute our strategic growth plans and drive value creation for our shareholders,” adds Phua.
Meanwhile mm2 CEO Chang Long Jong notes that 17LIVE is one of the top pure play live streaming platforms in North Asia. “Its leadership position in Taiwan and Japan, coupled with its proprietary technology in the V-Liver space, will allow us to expand our existing audience base and penetrate the non-Chinese language markets that 17LIVE has access to. We also want to leverage their platform and technologies to create more interactive content to extend our media offerings,” he says.
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In November last year, mm2 announced a strategic JV with Malaysia’s Komet Productions to explore non-Chinese creative content in Southeast Asia.
Shares in 17LIVE closed 3 cents lower or 2.44% down at $1.20 while shares in mm2 closed unchanged at 2 cents March 5.
