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Shemaroo, an Indian media and entertainment company, has entered the Web3.0 space in partnership with blockchain company Seracle, with the aim of leading Web3.0 initiatives in the media and entertainment industry.
According to Hiren Gada, CEO, Shemaroo Entertainment, Web3.0 provides opportunities especially for the entertainment industry. “Shemaroo’s expansion into this space is a decision, and to be the innovator which is expected to lead the transformation in the media and entertainment (M&E) industry. We look forward to partnering with Seracle for our Web3.0 expansions and keeping the brand future-ready to capture this emerging space by creating an alternative for our consumers,” he added.
“We look forward to partnering with Shemaroo in realising their vision and business goals in the Web3.0 space. Web3.0, non-fungible tokens (NFTs), and metaverse are expected to open avenues for the entertainment sector, to keep up with the digital burst and elevate the individual experience in personalised entertainment content space. We anticipate to be instrumental in levelling up the industry standards through this partnership,” Shrikant Bhalerao, CEO, Seracle, Web 3.0 infrastructure, stated.
Since its inception, Shemaroo has aimed to foster a culture of innovation and technology to enable the brand cater to the evolving needs of the consumers. Seracle is a Web3.0 full stack infrastructure company, building decentralised applications globally. With their enterprise blockchain expertise, Shemaroo will look to release the value of intellectual properties to democratise creativity, ownership, and applications in the frontier using blockchain.
As per recently published data, the global Web3.0 market size will reach $81.5 Billion in 2030, with a compound annual growth rate (CAGR) of 43.7%. Another research data predicts that NFT transactions will rise from 24 million in 2022 to 40 million by 2027, globally. Web3.0 and blockchain market is projected to add $1.1 trillion to India’s gross domestic product (GDP) by 2032 and most certainly the M&E industry will be a player in driving this growth.
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