SINGAPORE - Producer of films and TV/online content, mm2 Asia, has aquired a majority stake in tech start-up Millinillion for about S$350,000.
The Catalist-listed company is buying 466,667 new ordinary shares in Millinillion, and will own 70 per cent of the issued share capital of the start-up.
In a statement on Friday (Dec 18), mm2 Asia said the move marks its first step into the digital media and technology sector, after its acquisitions of Vividthree Productions and cinema businesses from Cathay Cineplexes earlier this year.
mm2 Asia chief executive officer Melvin Ang said: "We will continue to expand our content creation capabilities. While we have invested in the cinema business which is a popular platform with moviegoers, we see potential in another market segment where content is directly delivered through digital channels in the near future."
Millinillion is a company specialising in developing business to consumer (B2C) mobile applications and digital interactive solutions for clients.
mm2 Asia added that its latest acquisition will offer future B2C commercial opportunities for the group.
The company and Millinillion will jointly develop a series of mobile applications in data-based marketing, music and industry talent pool management, mm2 Asia said.
It also plans to launch its own over-the-top (OTT) media streaming platform, allowing users to watch short films and movie content through devices such as mobile phones, tablets, laptops and smart TVs.
mm2 Asia said the OTT platform, which is expected to be launched by end 2016, will initially focus on local and regional content, produced by the company and its partners, for its domestic market.
The platform will eventually offer new channels for the company to promote its movie production and distribution business more efficiently to North Asia, the statement added.