OliveX (NSX: OLX) has signed an agreement with telecommunications operator Hong Kong Broadband Network (HKBN) to advance its flagship Kara Smart Fitness app into the lucrative Asian market.
The fitness technology subsidiary of delisted blockchain gamer Animoca Brands Corporation will work with HKBN to push Kara Smart Mirror to more than 880,000 residential broadband subscription customers and a network which covers over 2.4 million homes in Hong Kong and the wider Asia-Pacific region.
Under the terms of the agreement, HKBN will initially purchase a minimum of 1,000 Kara units for its customers, who will receive bundled rates for on-demand access to OliveX’s immersive fitness content.
OliveX and HKBN will jointly develop new content which will be made available to all Kara users, thereby advancing OliveX’s strategy for artificial intelligence-powered personal coaching using guest appearances by fitness celebrities and influencers.
The companies also propose to introduce a longer-form agreement within three months to further cement their collaboration and more broadly roll out the OliveX at-home fitness solution to HKBN customers and its affiliates.
OliveX chief executive officer Keith Rumjahn was confident the agreement would help accelerate the rollout of Kara into the Asian market.
“We will derive immediate revenue from sales of Kara Smart Fitness Mirror which will be added to the catalogue of quality [technology] products offered by HKBN and its affiliates to their customers,” he said.
“The profiling and brand awareness opportunities this will bring are huge… we are [already] in advanced discussions with influencers to develop new and exciting celebrity-led workouts for our customers.”
Animoca Brands spin-off
Digital lifestyle company OliveX was created as a spin-off of Animoca Brands to specialise in the development of innovative products and applications built on artificial intelligence, gamification and premium content.
The company listed on Australia’s National Stock Exchange in August following a heavily-supported public offering which raised $2.1 million at $0.20 per share.
Kara Smart Fitness aims to deliver premium, on-demand health and fitness-related content and classes from celebrity trainers and wellness influencers across the globe.
The application and associated Smart Mirror technology provide a complete at-home fitness solution to consumers while enabling trainers and brands to engage directly with their target market.