Forbidden Technologies signs deal with major NYC venue

Cloud video platform owner Forbidden Technologies announced on Monday that it has agreed a deal with an “iconic sports, music and entertainment venue” in New York.

The AIM-traded firm said that, while on its own the deal is worth below 10% of annual revenue, it is part of a trend towards higher value annualised deals with long term growth potential.

Forbidden said the venue will be using its cloud platform to dramatically improve time-to-market of digital content.

Historically, it has taken the venue between 30 and 55 minutes to distribute media highlights to a digital audience and consequently access the associated advertising revenues.

Using the company's platform significantly reduces the time involved in this process, often to less than five minutes,” Forbidden’s board said.

It added that this workflow allows the venue to maximize its revenue opportunities, reduce its reliance on physical hardware, and allows staff to work remotely, mitigating the risk of adverse weather conditions.

“Signing this iconic venue is another step towards our aspirations in sports and in the US,” said chief executive Aziz Musa.

“This platform sale also has further potential for growth as we continue to grow our relationship with the client and the individual events that they support."