SeaChange secures London film streaming deal
Ed Terino, the new CEO of SeaChange International
As the Acton company moves forward with new leadership trying to rectify its financials, SeaChange International on Tuesday announced it is nearing a deal with a London-based film and television distributor to use SeaChange’s platform to stream content to schools, hotels and hospitals across 120 countries.
Filmbankmedia of London will use SeaChange’s Rave platform under a software-as-a-service business model, meaning any of its customers can begin streaming services almost immediately with no infrastructure upgrades or maintenance, according to SeaChange.
Financial terms of the deal were not disclosed. On Friday, SeaChange announced it lost $12 million on its operations in the second quarter.
Filmbankmedia plans to use Rave to stream film and television content from Hollywood, Bollywood and independent studios.
The deal come about five months after Ed Terino replaced Jay Samit as CEO, after Samit was ousted by the company's board of directors, after the company reported $48 million in yearly losses.
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