BlackRock and Goldman Sachs-backed media startup Minute Media, which owns properties like Sports Illustrated, The Players’ Tribune, and 90 Minutes, announced Monday that it is acquiring VideoVerse, an Indian AI startup that lets broadcasters extract highlights and create content from sports footage. VideoVerse’s clients include the Indian Premier League and Women’s Premier League Cricket tournaments, FIFA+, and broadcasters Nippon TV and Cubber TV.
Mumbai-based VideoVerse was founded in 2016 by Vinayak Shrivastav. The company is backed by Bluestone Equity Partners, A91 Partners (a fund by former Sequioa India execs), and Moneta Ventures, and have raised $105 million in funding to date.
While Minute Media or VideoVerse didn’t provide a valuation for the deal, sources told TechCrunch that VideoVerse was valued between $200 million $250 million during its last round in 2023, and Minute Media’s deal was in a similar range.
Minute Media CEO Asaf Peled said that VideoVerse’s acquisition is the biggest for the company in terms of both value and company size.
Minute Media has largely grown through strategic mergers and acquisitions, including The Players’ Tribune, Fansided, Mental Floss, and STN Video.
Shrivastav said that in its initial days, VideoVerse built multiple AI tools, including one to detect smoking and drinking, which was helpful for the Indian sensor board to flag certain scenes for movie certification. It also worked on object identification and deployed that tech for e-commerce sites for identifying items in a video. However, the startup transitioned to building video editing and detection tools for sports broadcasters.
“In 2016, Hotstar (which is now owned by Jio) was growing, and they were looking for a solution that could identify certain action points in sports and primarily in cricket,” Shrivastav said about starting its sports journey.
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A few years later, VideoVerse dropped its other products and concentrated on video editing features for sports content.
The company said that it operates like a SaaS tool for which it charges based on the number of hours of footage a broadcaster or streaming service wants to process. The company has grown to $65 million in revenue and a healthy EBIDTA margin of 35% to 40%, Shrivastav said.
The company’s chief strategy officer, Prateek Sharma, said that VideoVerse has launched new AI-powered tools in the last few months that let its clients define rules to automatically generate content. For instance, for a basketball game, a broadcaster can create a package for all three-pointers scored by a particular player and automatically publish it on social media. The platform has also added AI-powered translation features to let sports properties reach fans across the globe.
Sharma noted that while the platform uses third-party models in its AI workflows, the company uses its own core model to identify key moments in a game.
Minute Media’s main reason behind the acquisition is to use VideoVerse’s tech and its own publisher network to better distribute content across various sports properties and also generate ad revenue out of distributed content.
The sports media company, which has raised $260 million according to Crunchbase data, said that the company reaches over 200 million monthly users through its properties. It also offers a B2B platform for content distribution, used by nearly 500 publishers. Minute Media’s Peled said that this presents a good opportunity to create more content through VideoVerse’s platform and monetize it.
“With the VideoVerse acquisition, we can go to customers and pitch the AI suite, which is helpful for content creation. Then we can add our distribution and monetization capabilities on top of it to get more value out of the content,” Peled said.
Minute Media wants to target more U.S.-based leagues with this new acquisition to get them to adopt the highlight-generating platform.
Multiple reports suggest that fans are looking for a different kind of content outside traditional coverage, especially on their mobile phones. Minute Media is banking on AI to create that content. Peled said that while the company is not in an active funding round, it might look for more funds in the coming quarters for acquisitions.
