ACCESS Newswire
08 Jun 2021, 19:01 GMT+10
The acquisition kicks off the development of Sovryn's free-to-consumer OTA video broadcast platform
NEW YORK, NY / ACCESSWIRE / June 8, 2021 / Madison Technologies, Inc. d/b/a Sovryn Holdings, (OTCQB:MDEX) today announced the purchase of a Class A television broadcast station in Houston, the number 8 ranked DMA (Designated Market Area) in the nation. Sovryn's acquisition, filed in June with the FCC, was for a Class A broadcast license, KVVV in Houston from TVue Associates, Inc. The station, currently broadcasting over 10 different streams of content to the Houston marketplace 24 hours per day/7 days per week, will be immediately accretive to Sovryn's cash flow:
This purchase is the second acquisition of a planned series of similar top DMA television broadcast station acquisitions by Sovryn with another 7 stations currently in the pipeline and a plan to further expand the portfolio to 30 stations within the next 12-14 mos. Sovryn expects to ultimately grow the station base to 100 tv stations nationwide through additional acquisitions targeting the top 100 DMA's, covering 80% of the population of the U.S.
The result will be a broad, nationwide, OTA independent distribution platform to host various content providers and data transmissions of many sorts, creating not only a unique, independent platform but an alternative to the existing Cable, OTT, and Internet platforms for those seeking to expand viewership of their content.
'With little or no technology changes in more than a generation, the broadcast TV industry today is poised for dramatic change as new disruptive technology prepares to roll out allowing for OTA mobile viewing and other major advancements, 'said Philip Falcone, Founder, and CEO of Sovryn.tv. 'The OTA market represents an untapped and sizeable market opportunity, and our goal is to continue expanding our platform to capitalize on the changing media and viewer landscape and growing OTA viewership in the U.S.
Sovryn Holdings, Inc. and it's broadcasting unit Sovryn.tv merged earlier this year with publicly traded Madison Technologies, Inc (OTCQB:MDEX)
Strong Tailwinds for OTA TV and Online Streaming
Consumers have embraced cutting the cord trend and moving to broadband (Netflix, Apple, Disney) and OTA (to continue to watch the basics). OTA households alone have doubled over the last 10 years to 20MM, becoming a material part of the addressable TV universe.
As cord-cutting continues to accelerate in conjunction with other factors (e.g., censorship) affecting distribution, the need for an alternative distribution platform will accelerate, ultimately driving higher rates and higher valuation all without even factoring in the true value of the spectrum.
Says, Mr. Falcone, 'This opening allows for new revenue opportunities to address the mobile tv viewing marketplace and potentially subscription-based Over-the-Air TV. This Houston purchase represents the start of a wave of more station acquisitions in the works as part of our build-out of a free local and national network of OTA content distribution.'
The OTA market represents a compelling market opportunity. With an estimated 107MM TV households in the U.S., 57.9MM households use Cable, 28.7MM use alternative or satellite dish delivery systems while 20.4MM use OTA antennas - representing 44.8MM people. As any TV set purchase comes equipped by federal law to be OTA accessible, the adoption opportunities are massive if the right offer is presented to the market that is already growing weary of the recurring costs associated with content subscriptions.
An even bigger opportunity lies in the forthcoming advent of NextGen TV. In late 2017, the Federal Communications Commission (FCC) voted to allow broadcasters to use the Next Gen TV using the new ATSC 3.0 broadcast standard on a voluntary basis. This new OTA broadcast technology offers high definition, mobile video, 4K resolution video, interactive features like polling and voting as well as e-Commerce capabilities for TV-based shopping. Sovryn's plans include leveraging these innovations and others to bring a truly modern interactive experience to consumers for free.
About Madison Technologies / Sovryn Holdings, Inc.
Press Contact
Jeff Canouse
Madison Technologies, Inc.
770-235-6053
[email protected]
SOURCE: Madison Technologies, Inc.
Get a daily dose of New Jersey Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New Jersey Telegraph.
More InformationPALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...