Fox Entertainment, a division of Fox Corporation (NASDAQ:FOX) (FOXA), has invested in vertical video company Holywater to capitalize on an $8B industry as well as the popularity of TikTok, Instagram (META), and YouTube Shorts (GOOG) (GOOGL).
Vertical videos is a format where the height of the video is greater than the width and meant to be viewed vertically on a smartphone. The videos are commonly viewed on social media platforms.
With over 55M users, Holywater operates platforms such as My Drama, My Passion, and My Muse, and airs popular dramas like The Shy Beauty and the Billionaire Beast, and Pregnant Cinderella, according to Deadline.
As part of Fox’s (NASDAQ:FOX) (FOXA) investment, the entertainment studio will create and produce more than 200 vertical videos for My Drama over the next two years.
“Innovation in digital storytelling is shaping the future of entertainment and investing in vertical video positions Fox Entertainment to achieve sustained, long-term growth as we build a modern studio for the future,” said Rob Wade, CEO of Fox Entertainment.
The amount of Fox’s (NASDAQ:FOX) (FOXA) investment was not disclosed.
The development did little to stem the pressure on Fox (FOX) (FOXA) shares, which continue to drift lower for the seventh straight day.