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HARRIS TECHNOLOGY GROUP LIMITED — Capital/Financing Update 2008
Sep 7, 2008
65074_rns_2008-09-07_778e7d34-7f79-4448-a341-80ee77482a66.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT – FOR IMMEDIATE RELEASE – 8 SEPTEMBER 2008 ACQUIRES INDEPENDENT INTERNET TELEVISION NETWORK
Digital media, entertainment and advertising company, Swish Group announces that it has acquired one of Australia’s only independent internet television networks, Moonlight TV, from Prime Media Group. The network, to be renamed SwishTV, will be available on-line from today at swishtv.com.au. SwishTV will also be available on a range of 3G mobile devices, including the iPhone shortly.
Internet TV is growing rapidly throughout the world and most of Australia’s major broadcasters have recently launched internet television services to promote their free to air television programmes. Swish Group has, as part of its agreement with Prime Media Group owned Becker Group, acquired rights to an extensive range of content including feature films, made for TV programmes and series in the areas of entertainment, health and fitness, reality and nature. The Company proposes to add significantly to this content over the next few months and has a range of agreements in place that will deliver a broad range of new content in the areas of children’s programming, action, music, drama, sport, lifestyle and history.
The amount of time Australians are spending online has recently surpassed the amount of time spent watching free-to-air television, according to a report by Nielsen Online entitled, “10th Australian Internet and Technology Report”. The study found that Australians are spending around 13.7 hours per week online, while average television viewing is now approximately 13.3 hours per week. This increase in time spent online is a result of increased broadband uptake and a growing desire by consumers to have more control over what they watch and when and where they watch it.
Swish Group will initially provide the service free to viewers and generate revenue from the sale of advertising and sponsorships in and around the content. The Company’s sales and marketing team will begin selling advertising onto the site from today. Over time the Company will also introduce a pay-per–view and subscription service for a selection of premium content available on the network. In the future certain of the content on SwishTV will also be available in High Definition.
The recent rapid growth of faster broadband, greater computer power and larger and less expensive storage capacity has only now made Internet TV viable and the Company expects to be able to generate significant revenue and earnings from the considerable library it has and can obtain from its existing content partners.
Swish Group Managing Director, Cary Stynes, said “The acquisition of the Moonlight internet TV business gives the Company another platform through which to distribute its substantial library of premium audio and video content to Australia’s broadband subscribers and mobile phone users and represents an extremely exciting new business opportunity for the Company”
About Swish Group:
The Swish Group (ASX codes: SWG, SWGO) businesses include Australia’s largest digital signage networks, Australia’s largest wholesaler of independent digital music, a significant film and television production business, Australia’s largest Indian/Bollywood film distribution business, a significant
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telecommunications sales and marketing business and one of Australia’s only internet TV businesses. The company is listed on the ASX with a market capitalisation of approx. $7 million
Websites : www.swishgroup.com.au, www.swishfilms.com.au, www.ampheadmusic.com www.mgdistribution.com.au, swishtv.com.au
For further information please contact:
Cary P Stynes Managing Director
T : +613 9820 1966 M: +61 412 111 821 E: [email protected]
ASX ANNOUNCE V1 INTERNETTV ACQ 8092008.DOC MAH/MAH