Wochit enables content producers, including media and publishing companies, to create socially-optimised videos quickly, cost-effectively and at scale. PA joins a growing list of global media brands taking a stake in the ongoing development of the video platform, including Germany's ProSieben, and Singapore Press Holdings' SPH Media Fund.
PA Group's investment will contribute to the development of new tools and features to further enhance Wochit's award-winning technology, while supporting the expansion of Wochit's business around the world.
The relationship also sees a selection of PA's News, Sport and Entertainment content added to Wochit's proprietary library of rights-cleared assets, a resource that allows content creators' to rapidly produce video packages on trending topics.
PA Group's strategic partnership with Wochit is the latest development in a long-term strategy to diversify its business, and consolidate its position as the UK's leading provider of cross-platform content and services.
Clive Marshall, Chief Executive Officer of PA Group, said:
"As the demand for video continues to grow across digital platforms, it's vital that publishers have access to technology that enables them to create high quality content easily and at scale. Wochit's platform has already had a positive impact across the media industry and beyond, and I'm delighted that we can be part of its ongoing development.
"Wochit is a natural fit for the PA Group - our shared objective is to enable compelling storytelling across a range of platforms, particularly as customers and end-users look first to the visual components of stories."
Dror Ginzberg, co-founder and Chief Executive Officer of Wochit, said:
"Wochit is honoured to receive the support of one of the world's most widely-recognised media companies. We view this investment as a strong statement of the value we provide to our clients worldwide."
Notes to editors
PA Group continues to diversify its business; during 2016, the Group acquired a 25% stake in the motoring business Baize Group, and took full ownership of Sticky Content, a digital copywriting and content marketing company.
About PA Group
Headquartered in London, PA Group incorporates news, information and communications businesses. It is the home of PA - the UK's leading multimedia news agency - along with three other specialist media companies. These are Globelynx, which provides TV-ready remotely monitored camera systems for corporate clients to connect with TV news broadcasters worldwide; Sticky Content, the UK's leading digital copywriting and content strategy agency; and TNR, a specialist communications consultancy. It also owns a stake in Baize Group, a leading provider of automotive content, events and PR services.
PA Group has 26 shareholders, made up mainly of UK national and regional newspaper publishers. The biggest shareholders are dmg media Limited, News UK plc, Trinity Mirror plc and UBM.
Wochit is a video creation platform that empowers newsrooms, media companies and brands to expand audience engagement through the power of social video. Worldwide media brands such as Time Inc., Daily News, USA Today, Gannett, AOL, The Week, ProSieben, Singapore Straits Times, Die Welt and Der Spiegel use Wochit to produce short-form videos around trending topics at the scale and speed required in the video-first, mobile era. With rights-cleared assets from AP, Reuters, Getty, Bloomberg and others, cloud-based editing tools and native uploads, horizontal and vertical videos are quickly created and distributed across all social and digital platforms. Wochit is the winner of both the Gutenberg Prize for its disruptive technology in the field of journalism and Digiday's Best Video Technology Innovation for its significant impact on publishers' bottom line. The Company is backed by Redpoint Ventures, Marker LLC, Greycroft Partners, Cedar Fund, ProSieben, Singapore Press Holdings' SPH Media Fund and Carlo de Benedetti. Wochit is based in New York, with offices in London and Tel Aviv. Find out more at http://www.wochit.com .
SOURCE PA Group