Fox Entertainment is getting into the microdrama business. The company has made an equity investment in Holywater, a Ukrainian technology company focused on vertical video.
Financial terms of Fox Entertainment’s investment in Holywater were not disclosed. As part of the investment agreement in Holywater, Fox Entertainment Studios has committed to create and produce a “sustained” portfolio of more than 200 vertical video titles across genres, including microdramas, over the next two years for Holywater’s My Drama app. The first vertical video series produced by Fox Entertainment Studios includes “Billionaire Blackmail” and “Bound by Obsession,” both of which are currently being produced and filmed in Atlanta.
According to Fox Entertainment, the investment in Holywater represents the company’s embrace of “a proven digital entertainment innovator who leverages cutting-edge technology and forward-thinking business models to lead the next generation of entertainment.”
Holy Water, based in Kiev, Ukraine, was founded in 2020 by co-CEOs Bogdan Nesvit and Anatoly Kasyanov. The company claims that the four apps collectively reach more than 55 million users. The apps are: My Drama, a vertical streaming app. FreeBits, a vertical streaming app that supports companion ads. E-book Platform My Passion; My Muse is a platform for vertical series created with the support of generative AI. According to Holywater, each platform uses serialized daily content releases to maximize engagement in installments that can be accessed through multiple monetization options.
Fox Entertainment said it will work with Holy Water on the production of original vertical video series, ad sales, brand partnerships and the potential integration of FOX intellectual property, including extensions and remakes of current FOX programming. Fox announced that it will soon announce “development deals with top Hollywood talent” regarding its partnership with Holy Water. Holywater works with creators and studios around the world and partners with technology companies like Meta, Google, and TikTok to maximize content distribution.
“Innovation in digital storytelling is shaping the future of entertainment, and Fox Entertainment is investing in vertical video positions to achieve sustained, long-term growth as we build a modern studio for the future,” Rob Wade, CEO of Fox Entertainment, said in a statement. “Holywater is at the forefront of this evolution, expertly leveraging technology to fuel creativity. This partnership aims to find different and innovative ways to tell stories and inspire storytellers and creators like never before, while giving talent the tools and flexibility to bring their ideas to life faster and smarter on more platforms around the world.”
Holywater’s Nesvit and Kasianov said in a prepared statement: “Vertical streaming is one of the fastest growing areas in entertainment, and our goal at Holy Water is to bring vertical series mainstream by raising the bar on quality and expanding the breadth of genres…Fox Our partnership with Entertainment exemplifies that vision and gives us the scale and creative firepower to accelerate it.”Further added, Fox is “already a collaborative and innovative partner, and together we are empowering key talent and building a vibrant library of compelling vertical series for audiences around the world.”
The partnership with Holy Water will allow the company to leverage Fox Entertainment Studios’ portfolio of studio content, including Studio Ramsay Global, featuring chef Gordon Ramsay. Animation studio Bento Box Entertainment. A library of 350 films made for scripted and unscripted studios and platforms. And the roster of talent includes Denis Leary, Jon Hamm, Hannah Waddingham, Josh Charles, Annie Potts, Minnie Driver, and Ken Jeong.
In June, Fox Corp. announced an investment in The Lighthouse, a studio and campus space specifically designed for creators to collaborate and develop content. Fox Entertainment is developing plans to expand its strategy by using Century City’s Fox Studios Lot as a hub for “creator-powered innovation that is already defining the future of entertainment.”
The Rain Group advised Holy Water in connection with its deal with Fox Entertainment.
