Economist.tv Chooses Virage Platform for Syndication and Distribution of Global Streaming Video
Virage Enables Online Video Content Syndication by the Leading International Business and Current Affairs Publication
PINEWOOD STUDIOS, UK - April 23, 2001 - Virage Inc, [Nasdaq: VRGE] a leading provider of software and services that enable video for strategic online applications, announced today an agreement with The Economist to provide a global syndication and distribution infrastructure for Economist.tv, the new television and broadband service from The Economist. Virage will provide Economist.tv with the software, services and infrastructure required to build a sophisticated video distribution management system for the syndication of on-demand broadband programming via the Internet.
Economist.tv offers 5-minute video clips that follow the same unique style of The Economist magazine, offering clear reporting and commentary on world politics, business, finance and culture. Using the Virage SmartEncode™ process, this content will be indexed to provide a video database that can be automatically published and searched on demand. The Virage Syndication Manager™ and the Virage Video Application Server™ will then be used to manage and distribute Economist.tv's wide range of content to third-party affiliate sites worldwide, securely and efficiently. These sites will be able to search and access information from a video database archive, then select and view relevant video clips.
Tony Wales, director of Economist.tv comments, "Virage has a proven track record with distribution and syndication of rich media and its online video infrastructure is the ideal platform for syndicating Economist.tv video content on the Net. With the Virage platform, we can offer syndication with better access and improved distribution of high quality content, while retaining complete control and protecting our rights."
"We're obviously delighted to be working with a world-class media brand such as The Economist," said Mark Rattley, VP and General Manager for Virage Europe. "With such information-rich and compelling content, our services will assist Economist.tv to create a revenue-driven business model through the distribution of their video on the Internet."
About Virage Syndication Manager
Built on Virage's versatile Video Application Platform, Syndication Manager™ 2.0 is a complete system for flexible, secure and controlled distribution of video on the Internet. The application allows companies to share video assets with authorized partners while retaining complete control over content. Virage Syndication Manager allows a content owner to classify content into packages, assign unique business rules to any number of distribution affiliates and track usage patterns. This content is selected by the owner and delivered automatically in any number of formats and bitrates to their affiliates, acting as an end-to-end solution for any company's online video content syndication needs. Syndicated video content can be easily and quickly incorporated into any company's website in a way that integrates seamlessly with branding, design and existing applications. Syndication Manager is used by such organizations as ABC News, BMG, CNET Networks, C-SPAN and The Economist.
About The Economist
The Economist is a weekly international news and business publication offering clear reporting, commentary and analysis on world politics, business, finance, science, technology, culture, society, media and the arts. With a weekly readership of more than 3 million in more than 180 countries, The Economist has a unique relationship with its audience of the world's decision-makers and opinion-formers. It is supported by a network of correspondents and intelligence that makes it one of the most influential and respected publications in the world. Economist.tv is the new broadband service from The Economist. For further information please visit www.economist.tv
About Virage
Headquartered in San Mateo, California, Virage is the leading provider of solutions that enable video for strategic online applications. The Virage Video Application Platform transforms video into an effective online medium that is easy to publish, manage and distribute on the Internet or corporate intranets. The Virage platform provides content owners with the complete infrastructure for seamlessly integrating streaming video into business, entertainment and information applications. From ABC to Yahoo! over 250 customers across a broad range of markets have turned to Virage to help them improve production efficiencies and create new revenue opportunities with video. For further information please visit Virage at www.virage.com
This press release contains "forward looking" statements about the products and services of Virage and Economist.tv, as that term is used in Section 21E of the Securities Exchange Act of 1934. Forward looking statements are denoted by such words as "will provide", "will be used,""will assist," and similar terms and phrases. These types of statements address matters that are subject to risks and uncertainties which could cause actual results to differ materially. In addition, our forward-looking statements should be considered in the context of other risk factors discussed in our filings with the Securities and Exchange Commission, including our Registration Statement on Form S-1, as amended, available online at www.sec.gov. All forward looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
Virage and VideoLogger are registered trademarks and the Virage logo, Virage Application Server and SmartEncode are trademarks of Virage, Inc. Other company product and service names may be trademarks or service marks of others, and are hereby acknowledged.
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