Veritone, Inc. (NASDAQ:VERI) shares rose more than 13% last Thursday after announcing their three-year exclusive international licensing agreement with CBS News, which will provide increased archival and breaking news footage to global creatives with its aiWARE™ technology. The two companies have been partnering together for the past 11 years to provide access to CBS News archives via this technology, which digitizes and transcribes archives going back over 90 years.
The partnership between CBS News and Veritone has granted television producers, filmmakers, podcasters, and other digital creators access to millions of hours of CBS content through the Veritone Licensing portal. This digital library has been used by major companies like Vice, Warner Brothers, Sports Illustrated, and SONY Pictures.
Veritone is positioned as a top provider of AI technology, providing AI applications and processing automation solutions to both commercial and governmental clients globally through aiWARE. Together, Veritone and CBS continue a global partnership, with clients in Australia, the U.K., and Japan.
The optimization of the archives is keeping investors optimistic, according to an analysis by Zacks Equity Research following Veritone’s positive performance since the announcement.
Veritone president Ryan Steelberg issued the following statement in the company’s press release: “Veritone has long been committed to improving the search and accessibility of content for the media and entertainment industry. We are thrilled to see our advancements in artificial intelligence-powered search and discovery utilized by CBS News for uncovering and identifying their archives. We are proud of our longtime partnership with CBS News and are excited to officially bring it to the global creative community.”
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