November 19, 2018
Originally posted 2018-03-22 11:11:20
By Chloe Coska | amdlawgroup.com
Amazon is buying an online comedy Service Rooftop Media. At first this does not appear as an important transaction; however, Amazon’s goal is aimed toward a broader ambition of becoming a media and entertainment powerhouse. Amazon has concluded the deal through Audible an audiobooks service company that the firm bought for $300 Million in 2008.
Amazon has been interested in Rooftop’s content and pool of comic talent for a while. Indeed, Rooftop records its comedians at clubs across the country and licenses the digital rights of thousand of hours of comedy that are available on live or on demand. Furthermore, the company has several big media partners such as Apple, Inc. and Yahoo, as well as streaming services such as Sirius XM, Spotify and Pandora. As part of Audible, Rooftop has the opportunity to increase its audience.
This is also a great opportunity for Amazon to diversify its business venture and further conquer new markets. Amazon is expected to continue acquiring digital content at a rapid clip. In past years, it began investing heavily to branch out from its online retail roots, delving into Hollywood-style content production as well as developing a line of tablets, smartphones and set-top boxes to accelerate the sale of digital content.
However, this fast and ever growing business venture can be risky as last week, the company missed revenue and income expectations and projected a disappointing 7 to 18 percent rise in holiday-quarter sales, which did not please it investors.
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