Bearing lofty aims of becoming the world’s first blockchain-powered user-generated content (UGC) licensing platform, ShareRoot (ASX: SRO) has secured legally binding contract extensions with each of its top 4 clients.
The emerging tech company said that the University of California, Los Angeles, Costco, Verb and Fathead had secured 12-month extensions to their existing deals, thereby validating ShareRoots’ market strategy to date, given the product novelties the company has developed as well as its strong sales activity and growth.
All four companies are utilising user-generated content in different ways given their hugely different industry niches and target audiences.
The wide diversity of its clientele indicates that sourcing content from online users for business use is thriving, largely because of the reduced cost of obtaining such content in tandem with its inherent originality that appeals to consumers.
Kings of content
According to ShareRoot, the UCLA has chosen to incorporate a recently-launched “influencer acquisition and management solution” into its prime activity of education and providing a platform for artistic expression for its near 45,000-strong student body.
ShareRoot’s solution is a new feature to its overarching UGC platform that was developed this quarter as part of its core strategy of rolling out new features and continuing its revenue growth.
From a technical perspective, ShareRoot empowers both companies and consumers with the tools that par with professional alternatives that carry a significantly higher cost for users.
More specifically, the influencer solution allows consumers to enrol as influencers for brands they like any time they receive a UGC request from the brand. ShareRoot said that this original feature provides a significant value-add for its users, and therefore, expects to add further customers in the coming quarter as result of its public release.
At the other end of the spectrum, ShareRoot also services Costco, one of the world’s largest bulk retailers selling a large variety of household goods. Costco has chosen to renew its deal with ShareRoot, taking advantage of ShareRoot’s “acquisition solution”, which it has used consistently for the past 3 years.
Verb is currently utilising ShareRoot’s “advanced social searching” function and its “website integrated social walls”.
Last but not least, Fathead renewed its acquisition and licensing subscription for a further 12 months, with ShareRoot saying that the company t continues to use a custom landing page integration for acquiring content.
Onwards and upwards
In addition to enlarging and expanding its existing sales pipeline, ShareRoot also intends to take its company operations to the next level by integrating blockchain technology as standard across all of its digital service features and products.
To do this, ShareRoot hired DigitalX, to help improve its existing range of service features and to integrate blockchain functionality into its proprietary UGC platform.
ShareRoot intends to capitalise on DigitalX’s expertise and ability to develop a range of features that will add an “additional layer of legal protection” to ShareRoot’s UGC platform, thereby making their online activities more secure and more amenable for commercial opportunities.
DigitalX says it will also provide blockchain consulting services to ShareRoot’s Board, thereby setting the stage for further strategic changes at the tech company in the coming months.
By collaborating with DigitalX, ShareRoot hopes to create an industry-leading marketing solution, empowered by blockchain functionality.
“As a Company, securing these renewals is a testament to our ability of rolling out new features to the market and demonstrates our capability to service and retain long-term clients,” said Noah Abelson, CEO of ShareRoot.
“Furthermore, these contracts continue to drive growth within the Company, while we are focused on innovation through our new platform initiatives in rolling out MediaConsent, new UGC features such as the Influencer Solution, and our aim to become the first blockchain-powered UGC licensing platform.”
“We see this as further enhancing our product offerings to ensure our sales pipeline remains in a strong and robust position quarter on quarter and we will keep shareholders updated with further developments,” added Mr Abelson.