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MEDIA RELEASE - 27 March, 2002
itv|world receives Commonwealth Government Commercialising Emerging Technologies (COMET) grant for its In|Orbit™ Service Management System for interactive television.
Sydney- March 27, 2002-- itv|world, a Sydney based provider of technology solutions for interactive television services, today announced that it has received a Commonwealth Government COMET grant to assist with the commercialisation of its flagship product, the InOrbit™ Service Management System for interactive television.
In|Orbit is a revolutionary new product for broadcasters and service providers looking to cut costs and maximise impact and efficiency in the implementation of iTV services. By enabling access to a specific set of functions on a service-by-service basis, the In|Orbit system creates a unique value proposition for the cost effective rollout of advanced interactive digital services, effectively cutting deployment costs by up to 50%. Researched and developed by Australian owned company, itv|world, the product is now at the beginning of its commercialisation phase with trials planned with a number of leading broadcasters, advertising agencies and service providers in key regional and international markets.
According to recent research from Allied Business Intelligence, the array of iTV services will experience an explosive annual growth rate of 59%, totaling over 244 million households worldwide by 2006 and resulting in revenues from ITV services increasing from $300 million in 2000 to $19.2 billion in 2006.
"The In|Orbit product is uniquely poised to take advantage of opportunities in the iTV market" said Matthew Griffiths, Business Adviser for the Commonwealth Government's COMET Program. "We are confident that grant will increase the commercialisation of this innovative product, and improve its potential for successful commercialisation and export," he said.
"With the number of interactive services growing on every network, In|Orbit is already attracting substantial interest from broadcasters looking for the most efficient management solution for the seamless introduction and maintenance of these services and their associated content across multiple platforms" said Sven Wolf, Product Development Director, itv|world. "The COMET grant package will allow us to further develop existing partnerships with local and International Technical Service Providers in addition to providing support activities in a number of important commercial and technical areas", he said. "It will assist the company to reach key milestones in the In|Orbit product plan and sales channel strategies more rapidly and will also enable the product to be further refined through proven technical and commercial trials with external parties. The In|Orbit product offers the missing link in the end-to-end solution sought by broadcasters and will ultimately deliver a more compelling interactive television experience for the consumer" Wolf said.
"Recent developments in the local industry are set to accelerate Australia's rollout of digital television and iTV dramatically," said Jason Romney, CEO, itv|world. "In recognising the commercial potential of the In|Orbit product, AusIndustry has signalled an awareness of the possibilities afforded by this new medium to create powerful business and revenue opportunities for Australian content providers, broadcast channels and operators looking to deploy advanced digital television services - as well as an appreciation of the tremendous export potential of this product", Romney said.
In a related announcement, Richard Cairns, former Commercial Analyst with BskyB's SkyActive has joined the itv|world's Product Development team to specifically assist with the commercialisation of the In|Orbit product.
About itv|world
Headquartered in Sydney, itv|world is a privately held company that has been in operation since 1999. itv|world is a professional services firm providing solutions across all televisual media platforms including Internet/broadband and digital TV. Assembling the best of media and engineering, itv|world combines the production values of television with software solutions and products for interactivity - providing innovative technical and creative services for enhanced media, iTV, advertising and personalised programming applications.
In May 2001, itv|world received a $1.35million R&D Start grant from AusIndustry, boosting development of its flagship product, the In|Orbit Service Management System for iTV. Assisted by a further COMET (Commercialisation of Technology) grant from the Federal Government, commercial trials with broadcasters, advertising agencies and service providers are already being planned. The InOrbit development team has brought together senior managers and developers from overseas iTV deployments as well as local expertise from companies such as BSkyB, Alcatel, Ericsson and Telstra. Itv|world has recently joined the iPartner program of NDS, a News Corporation company and the world's leading provider of conditional access systems and interactive applications for digital TV. Additional information can be found at www.itvworld.com.
About COMET
Commercialising Emerging Technologies (COMET) is a Commonwealth Government program focusing on innovation and its commercialisation. The program commenced on 17 November 1999.
COMET is designed to increase the commercialisation of innovative products, processes and services, by providing individuals, early-stage growth firms, and spin-off companies with a tailored package of support to improve their potential for successful commercialisation. Further information can be found at www.ausindustry.gov.au.
For further information contact:
Charlotte Faunce
Media Relations, itv|world
charlotte@itvworld.com
Phone: + 61 2 9288 4711
Mobile: + 0407 009217
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