In addition, Global Crossing also announced it has entered into a partnership with Constellation Ventures, a Bear Stearns company, to work together to support the development of applications for the media and entertainment industry. Approximately $100 million in financing will be allocated by Constellation Ventures to emerging technology and service-based companies that will enhance the value of the Global Crossing extranet.
"The dream of entertainment flowing around the world in a seamless, real-time digital environment--whether it is film, television, sports, music, games, or major events--is about to become a reality " said Tom Casey, CEO of Global Crossing. "The media and entertainment industry will now be able to leverage the power of digital applications and broadband technologies by connecting to the world's most extensive global fiber-optic infrastructure to create and distribute content far more efficiently. As evidenced by our partnership with Constellation to create a funding source that will support development of applications to serve the specific needs of the media and entertainment industry, we know that it will take more than bandwidth to deliver a fully digital, globally deployed platform."
"One of the most critical elements in the deployment of global digital broadband networks is creating the bridge between creativity and technology. The successful partnership between small emerging software and service-based companies, and large scale businesses which have the critical mass to make the development of digital broadband applications a reality, is key," said Clifford Friedman, Senior Managing Director of Constellation Ventures. "This alliance between Global Crossing and Constellation Ventures goes a long way in establishing a strategic relationship that combines global network expertise with a culture of discovering, creating and nurturing new business models."
Constellation Ventures, a division of Bear Stearns Asset Management, is a venture capital fund investing in early- to mid-stage companies that capitalize on the convergence of media, communications and technology.
Scalable bandwidth up to OC 192 and uncompressed 270mgb TV broadcast capabilities will allow rich media files to move seamlessly around the globe. Future offerings will also include high-resolution transmission of filmed content as well as massive storage in media suites located in multiple worldwide cities, supporting complete digital asset management. A completely secure environment is enabled by Global Crossing's seamless broadband infrastructure.
Fully managed and outsourced solutions, specific products and services tailored for the industry including storage and streaming solutions, digital asset management, security, production software, editing and pre- and post-production applications are among planned offerings. The extranet will focus on film/television/commercial production, television broadcast and digital asset management supporting video on demand applications to consumers.
"Our infrastructure and expertise is best used in support of targeted communities of interest," said David Walsh, President, Global Crossing. "Our success in serving the financial services market taught us that there is a huge demand for embedded applications and solutions that address the specific needs of an industry and that it is important to partner with the industry to ensure those needs are met."
Because the Media & Entertainment Extranet will be application neutral, ensuring connectivity regardless of how different the servers, hardware, software or applications, companies will be able to 'plug into' a global infrastructure capable of inter-operating with and distributing the most media-rich applications in the world. It will also enable customers to access applications and bandwidth on an as needed basis.