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You On Demand in JV with Megtron for mobile apps
MUMBAI: You On Demand Holdings and Megtron Hong Kong Investment Group (Megtron), an investment company whose affiliate companies have rich resources and distribution channels in the Asian mobile terminal ODM (original design manufacturer) and telecom market, have agreed to form a joint venture with the intent of operating and marketing mobile apps from You On Demand, on smartphones and other mobile devices.
Under the terms of the JV, Megtron, who through its affiliates has already delivered over 50 million smartphones worldwide, will leverage its industry relationships with global telecom operators and smartphone manufacturers to support the JVC, by targeting app placement and installation on between 50-100 million smartphones and other mobile devices globally, through pre-installation, online and offline promotion installation and several app distribution channels.
The apps provided by You On Demand shall include video content from film and television as well as music, games, shopping, news, and social media capabilities.
The JV will have registered capital of $10 million, which You On Demand and Megtron will contribute $5 million each, to be paid in installments. The first installment of $760,000 will be paid within one month of the date of incorporation of the JVC.