Sydney, Australia (ABN Newswire) - Yonder & Beyond Group Limited ("Y&B" or "the Company") (ASX:YNB), the global technology operational accelerator, is pleased to advise it has acquired an initial 10% stake in US-based social media application PlayMeetTM. PlayMeet is the most comprehensive social mobile application to ever be designed around music, and was created in collaboration with representatives of JMPM Properties and The Estate of Michael Jackson.
PlayMeet allows users to create and tune profiles based on their musical interests, and then find and interact with other users with similar musical tastes. Users can connect with friends or someone new by searching geolocation, venue check-ins and local concert events. Once connections are made, the app enables various social communication scenarios including song, lyric and interest sharing, messaging, concert invites and even in-venue song dedications via digital juke boxes in over 60,000 locations powered by TouchTunes. PlayMeet has built a proprietary messaging and technology framework and integrated best of breed technologies from Spotify, Bandsintown, LyricFind, Facebook, FourSquare and TouchTunes to create the preeminent social music application. PlayMeet will continue to build out a world class and constantly evolving music matching algorithm that will connect people and spark social communication through the language of music.
Commenting on the acquisition of the stake in PlayMeet, together with the signing of the global management agreement, Yonder & Beyond Managing Director and CEO, Shashi Fernando, said, "PlayMeet offers a truly next generation social music experience with global appeal, and Yonder & Beyond is pleased to be making this investment to enable music lovers around the world to start new conversations based on the music and artists that they love."
Under the terms of this agreement, PlayMeet LLC is being spun out into a new, standalone and independent entity of which Yonder & Beyond will acquire the 10% interest for an investment of USD$1 million staged across two tranches of USD$500,000. Yonder & Beyond has also entered into a Management and Administration Agreement with PlayMeet LLC to become PlayMeet's management provider overseeing technology, product development and deployment, for USD$25,000 per month.
Michael Jackson was a musical and creative genius. He personified innovation and revolutionized so many aspects of his art, from electrifying live performances to groundbreaking use of video, short and full length. Through his use of spectacular imagery in his short films and orchestrated stage effects, Jackson launched a new era of creativity in live stage performances that continues to influence countless artists in hip hop, contemporary R&B, pop, and rock and roll.
Following in Michael's footsteps, the Estate of Michael Jackson, co-owner of Sony/ATV Music Publishing, has produced a growing list of artistically exceptional and enormously successful ventures, the first of which, "Michael Jackson's This is It" became the highest grossing music documentary of all time. A history making touring show produced with Cirque du Soleil, Michael Jackson THE IMMORTAL World Tour, played 4 continents, 157 cities, was seen by 3.7 million fans and became the #8 top grossing tour of all time.
The second venture between the Estate and Cirque du Soleil, the critically acclaimed Michael Jackson ONE, a permanent show at Mandalay Bay Las Vegas, gave Cirque its biggest opening ever in Las Vegas and continues to be one of the hottest tickets in the city. Last year, The Estate astounded the world with the technical wizardry of a 'virtual Michael Jackson' performance during the Billboard Music Awards, which gave the show its biggest ratings in years and was the most talked about topic on the planet for weeks to come and released Xscape, the second posthumous release of previously unreleased music by Michael Jackson, which become one the top ten albums of 2014. It is only natural that the Estate continues that trend with its participation in the PlayMeet project.
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About Yonder & Beyond Group Ltd:
Y&B is a global technology venture accelerator with a focus on mobile applications. Y&B's strategy is to identify and develop disruptive applications with high commercialisation and scalability potential.
The Y&B management team brings a wealth of experience and relationships across the technology and entertainment landscape and is able to maximise synergies amongst its investment portfolio to accelerate growth and user acquisitions.
Yonder & Beyond Group Ltd
Yonder & Beyond Group Ltd
Shashi Fernando, CEO