SUNRISE, FL, 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 (MOU) with Triplecom Media PVT Ltd. (iTAP), whose iTAP platform is a fast-growing comprehensive over-the-top (OTT) entertainment platform in India, which sets forth general terms of a proposed partnership between the Company and iTAP. The MOU contemplates a collaboration between the parties, whereby each party will provide certain services and access to certain of their platforms to the other in order to enable each party to provide more comprehensive solutions to their respective customers and users. The parties intend to target India’s fast growing online gaming market, where it is estimated approximately 390 million online gamers reside, first, and to expand to additional international markets thereafter. The MOU provides that the collaboration will include the integration of HotPlay’s IGA into iTAP’s existing entertainment and e-sports content, amongst other things. The collaboration is designed to create an entertainment ecosystem in-line with both organizations’ business objectives, tapping into India’s fast-growing market. The MOU sets forth the preliminary agreement of the parties related to the proposed partnership; however, it does not obligate either party to proceed with the relationship, and the establishment of the partnership and final terms governing the partnership remain subject to execution of definitive agreements related thereto.
iTAP, an OTT comprehensive entertainment platform in India, offers a wide-range of entertainment such as comedy shorts, mobisodes, films, serials, lifestyle features, gaming and e-sports, with NFTs and Metaverse opportunities. iTAP was founded by Kunal Dasgupta, a veteran in the Indian entertainment industry and the 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 leverage opportunities rising in the Indian market, particularly in the high growth markets of hyper-casual genre games, e-sports and gaming tournaments. Both parties see hyper-casual gaming as an opportunity in the market due to its easy-to-play nature, which can engage a broader group of audiences. HotPlay’s current hyper-casual game portfolio includes more than 50 games and is growing.
Nithinan Boonyawattanapisut, co-CEO of the Company, stated, “The Company sees great opportunity in the Indian market, not only from the size of the market itself but also from the remarkable growth rate of its entertainment segment, particularly in the hyper-casual game space and 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 the recent completion of our goGame asset purchase, our hyper-casual game portfolio, and our HotPlay IGA solution offer a great synergistic value to a comprehensive entertainment platform like iTAP. The integration of HotPlay games and IGA is expected to better position iTAP’s entertainment ecosystem in India and augment revenue opportunities through iTAP’s rapidly growing user base.”
Kunal Dasgupta, Triplecom Media iTAP Founder and CEO, commented, “We believe the proposed partnership positions HotPlay to help strengthen iTAP gaming services, as well as adding its IGA technology into iTAP to offer in-game coupons and rewards, bridging the online-to-offline transactional activities in the rapidly growing Indian market. The synergies and further opportunity for the partnership is exciting.”
Additional opportunities for HotPlay and iTAP to explore further collaboration include NFTs, digital fashion, and other virtual artifacts for the Metaverse.
iTAP is an OTT comprehensive entertainment platform in India. This popular platform offers a wide-range of entertainment such as comedy shorts, mobisodes, films, serials, lifestyle features, gaming and e-sports. NFTs and 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 offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay’s engaging products and services utilize 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 includes “forward-looking statements” within the meaning of, and within 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, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties including, and not limited to, the ability of the Company and iTAP to agree to 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 as a going concern; amounts owed to us by third parties, which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness, which are secured by substantially all of our assets, and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; the development and acceptance of cryptographic and algorithmic protocols governing the issuance of and transactions in cryptocurrencies are subject to uncertainty and a variety of factors that are difficult to evaluate; uncertainty and illiquidity in credit and capital markets, which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; 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 property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving cryptocurrency, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of, Longroot and NextBank International (formerly IFEB); the markets in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm 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. More information about the risks and uncertainties faced by NextPlay are 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 Quarterly Reports on Form 10-Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on 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 any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
SOURCE: NextPlay Technologies, Inc.
Director of Corporate Development
Tel (954) 888-9779
Triplecom Media iTAP
Founder and CEO.
Tel: +91 98200 27575