MSM gets behind search for Bollywood’s next megastar
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The search for India’s next megastar is on, as ASX-listed MSM signed an agreement to expand its megastar competition into the subcontinent.
Megastar is a talent competition, endorsed by RnB singer Usher, featuring performers of any category competing to win $US1 million, a film role or prizes as chosen by viewers using the Megastar App.
MSM will team up with media agency Riva Group to push the brand through its Bollywood celebrities and media.
The partnership did little to excite investors however. MSM shares closed down 7.4 per cent at 12c on Tuesday, valuing the company at $37 million.
Under the deal, MSM will provide Megastar intellectual property and Riva will provide all funding, operational capability and connections in the media and entertainment market.
The two say India is the next logical step to add to their six existing markets of US, Great Britain, Australia, Canada, New Zealand and South Africa.
“The company has undertaken expansive research of various territories and globally popular genres over the last 12 months in deciding on Bollywood as the most culturally diverse and exciting opportunity to enter in the next phase of Megastar’s growth strategy,” MSM told investors on Tuesday.
Riva have already executed licensing agreements with the likes of Dreamworks, Marvel, Sony and Cartoon Network.
MSM say the next step is to negotiate and agree on funding and licence fee obligations and an anticipated timeline for production to begin.
“India represents the first of many potential regional and product offering opportunities leveraging the extensive entertainment and technology networks of both Megastar and The Riva Group’s intellectual property and exciting licensing agreements,” Riva chairman Paul Roy said.
“We believe we can transform the way talent is both sourced and consumed globally; sharing culture and cutting through language barriers for all to enjoy.”