WEYV co-founder and CEO Stephanie Scapa led a team of 30 people throughout the four-year development of software based on Altair’s patented digital content licensing model which uses a concept of units to license third party content to customers. The different plans allocate a number of units to access content, which WEYV uses to track usage times to pay content providers.

Key features include personalization options, social sharing, and connectivity, he said in a press release.

The tech company has teamed up to deliver content from music labels such as the UK-based Universal Music Group, Sony Music Entertainment, Warner Music Group and Merlin Network, as well as publications such as Time Inc. and Digital Engineering. .

“Think of it as a library card where you can check in and check out content: you have to check in something before you can check out something new,” said Scapa, who is also Altair’s vice president for business development. software technology company. “Consumers are increasingly interested in bundling content and paying for what you actually use. It gives them some freedom to do just that. “

Altair CEO and Chairman Jim Scapa said the new app will look to compete with streaming platforms such as Pandora by allowing customers to create playlists, customize stations and discover new music. The company plans to develop the app to add additional media content such as podcasts, streaming videos, college journals, and documentaries. WEYV uses a 14-day free trial to market the app to new and existing Altair customers.

Jim Scapa said they will look at user growth in the first six months to find patterns and set growth goals.

“One of the advantages of Altair as a parent company is its already established businesses using this model,” he said. “For our data, we used a number of Altair customers in the United States, not just in the Detroit area.”

WEYV did not give a revenue forecast, but the subscription company said it would donate 0.5% of its revenue to charitable causes, including the Children’s Advocacy Fund and Toys for Tots.

Subscription services are a growing industry expected to reach $ 94 billion in annual revenue over the next decade, Crain’s reported in June.

Altair went public on November 1 when it began trading on the NASDAQ stock exchange under the symbol ALTR. After raising $ 156 million on its IPO, the stock sits at $ 21.90 with a market cap of $ 1.32 billion on Friday, according to the San Francisco-based company. MarketWatch.

The cloud computing software company generated revenue of $ 10.2 million on revenue of $ 313 million last year, down from revenue of $ 10.9 million on revenue of $ 294 million. dollars in 2015.

Altair was founded in 1985 and operates 68 offices in 24 countries with nearly 2,000 employees, including more than 800 in Michigan.



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