Agreement with IMG Media
Forbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of Forscene (the market-leading cloud video platform), Captevate (the consumer video editor) and eva (the video social network), is pleased to announce it has agreed an extended 12-month deal with IMG Media, a division of sports, events, media and fashion company IMG, to use Forscene as a rapid turnaround editing platform for its seasonal contracts.
IMG Media originally became a customer of Forbidden in 2015. Within nine months, it had moved to creating highlights packages from 6 channels to 12, and had extended its use to include a high profile sporting event in September/October 2015. As a result of this expansion Forbidden was able to invoice IMG Media 20% more than the original “fixed price” budget.
The new annual agreement will begin with licenses for 12 channels. Forbidden’s management expects demand to increase throughout the duration of the agreement. The success of the ad hoc event mentioned in the previous paragraph leads Forbidden’s management to expect growth in this area during 2016, opening up the prospect of this deal making IMG Media one of the Company’s largest customers, delivering significant revenue in 2016.
Business Development Director of Forbidden Technologies, Jason Cowan, said of the deal:
“Throughout 2015, IMG Media continued to expand its use of Forscene beyond the original scope. This new deal represents a major win in 2016, and has the potential to deliver significant upside during the year”.
Forbidden Technologies plc
Stephen Streater, Chairman
Aziz Musa, Chief Executive
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets a powerful cloud video platform, which is used by broadcasters, in professional web video, in education and by consumers. The Company platform is one of the world’s most advanced browser-based and mobile platforms, which underpins Forscene in professional markets, its eva video social network and its new consumer video editor, Captevate.
IMG is a global leader in sports, events, media and fashion, operating in more than 25 countries. The company represents and manages some of the world’s greatest sports figures and fashion icons; stages thousands of live events and branded entertainment experiences annually; and is the world’s largest independent producer and distributor of sports media. IMG also specializes in sports training; league development; and marketing, media and licensing for brands, sports organizations and collegiate institutions. In 2014, IMG was acquired by WME, the world’s leading entertainment agency, to form WME | IMG.