NextPlay Forms Strategic Partnership with iTAP to Position HotPlay Hyper-Casual Gaming and In-Game Advertising Technology in the Growing Indian Market
SUNRISE, Fla., June 30, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”) announced that HotPlay, the company’s in-game advertising (“IGA”) unit, has entered into a memorandum of understanding with Triplecom Media PVT Ltd. (iTAP), whose iTAP platform is an over-the-top (OTT) entertainment platform in India, which sets forth the terms and conditions of a proposed partnership between the Company and iTAP. The MOU contemplates a collaboration between the parties, whereby each party will provide the other with certain services and access to certain of their platforms to enable each party to provide more comprehensive solutions to their customers and users. respective. The parties intend to target the fast-growing Indian online gaming market, where it is estimated that around 390 million online gamers resident, first, and to expand to other international markets thereafter. The MOU provides that the collaboration will include, among other things, the integration of HotPlay’s IGA into iTAP’s existing entertainment and esports content. The collaboration is designed to create an online entertainment ecosystem in line with the business objectives of both organizations, tapping into India’s fast-growing market. The Memorandum of Understanding sets out the preliminary agreement of the parties related to the proposed partnership; however, it does not obligate either party to continue the relationship, and the establishment of the partnership and the definitive terms governing the partnership remain subject to the execution of the definitive agreements relating thereto.
iTAP, a comprehensive OTT entertainment platform in India, offers a wide range of entertainment such as comedy shorts, mobisodes, movies, series, lifestyle features, games and e-sports, with NFT and Metaverse opportunities. iTAP was founded by Kunal Dasgupta, an Indian entertainment industry veteran and former CEO of Sony Picture Networks India.
Despite the pandemic and recent economic turmoil, the parties believe that India remains a bright spot for growth. This proposed partnership aims to take advantage of rising opportunities in the Indian market, particularly in the fast-growing hyper-casual genre gaming, esports and gaming tournament markets. Both parties see hyper-casual gambling as an opportunity in the market due to its easy-to-play nature, which can involve a wider group of audiences. HotPlay’s current portfolio of hyper-casual games includes over 50 games and continues to grow.
Nithinan Boonyawattanapisut, co-CEO of the company, said: “The company sees great opportunities in the Indian market, not only from the size of the market itself, but also from the remarkable growth rate of its entertainment segment. , especially in hyper-casual. the gaming space and the overall gaming industry.
“We are optimistic about this strategic collaboration with iTAP’s fast-growing OTT platform and the opportunity to enter the Indian market. We believe that the recent completion of our purchase of goGame assets, our hyper-casual gaming portfolio and our HotPlay IGA solution offer great synergistic value to a comprehensive entertainment platform like iTAP. The integration of HotPlay and IGA games is expected to better position iTAP’s entertainment ecosystem in India and increase revenue opportunities through iTAP’s rapidly growing user base.
Kunal Dasgupta, Triplecom Media iTAP The Founder and CEO, said, “We believe the proposed partnership positions HotPlay to help strengthen iTAP gaming services, as well as the addition of its IGA technology into iTAP to deliver in-game coupons and rewards, linking online and offline transactional activities in the growing Indian market. The synergies and new partnership opportunities are exciting. »
Additional opportunities for HotPlay and iTAP to explore deeper collaboration include NFTs, digital fashion, and other virtual artifacts for the metaverse.
iTAP is a comprehensive OTT entertainment platform in India. This popular platform offers a wide range of entertainment such as comedy shorts, mobisodes, movies, series, lifestyle features, games and esports. NFTs and the Metaverse have been identified as potential opportunities for future expansion of the iTAP platform. For more information, visit www.itap.online
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company providing gaming, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and businesses across the world. growing global digital ecosystem. NextPlay’s engaging products and services use innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.
This press release contains “forward-looking statements” within the meaning and scope of the safe harbor provided by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts regarding future events and performance. A statement identified by the use of forward-looking words, including “will”, “may”, “expect”, “project”, “anticipate”, “plan”, “believe”, “estimate”, “should and certain of the other foregoing statements may be considered forward-looking statements. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to differ materially from those suggested or described in this press release. . Factors that could cause such a difference include risks and uncertainties, including, but not limited to, the Company’s and iTAP’s ability to agree to the final terms governing the proposed partnership; our need for additional capital, which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue our business; sums owed to us by third parties, which may not be paid on time or at all; certain amounts we owe under outstanding debt, which are secured by substantially all of our assets, and any penalties we may incur in connection therewith; our being heavily indebted, which could adversely affect our business and financial condition; the development and acceptance of cryptographic and algorithmic protocols governing the issuance and transactions of cryptocurrencies are subject to uncertainties and a variety of factors that are difficult to assess; uncertainty and illiquidity in credit and capital markets, which may impair our ability to obtain credit and financing on acceptable terms and may impair the financial strength of our business partners; the Company’s officers and directors have the ability to exercise significant influence over the Company; shareholders may be significantly diluted by our efforts to obtain financing, meet our obligations and make acquisitions by issuing additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could suffer; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our owner, manager and traveler bases outside of the United States and, therefore, our business is sensitive to the risks associated with international operations; adverse changes or interpretations of government regulations or taxation of the evolving cryptocurrency, Internet and e-commerce industries that could adversely affect our results of operations; risks associated with the operations, businesses and regulations of Longroot and NextBank International (formerly IFEB); the markets in which we participate are highly competitive, and because of this, we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could adversely affect our business; the volatility of our stock price; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. Further information about the risks and uncertainties facing NextPlay is detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent annual report on Form 10-K and its quarterly reports on Form 10. -Q, under “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unpredictable factors could also materially adversely affect the Company’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected. The forward-looking statements contained in this press release speak only as of the date hereof. The Company undertakes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties who are not paid by the Company. If we update one or more forward-looking statements, no conclusion should be drawn that we will make additional updates with respect to such or other forward-looking statements.
SOURCE: NextPlay Technologies, Inc.
Company details :
Director of Corporate Development
Tel (954) 888-9779
Email: [email protected]
Triplecom Media iTAP
Founder and CEO.
Such. : +91 98200 27575
Email: [email protected]