Company News: PA Group invests in social video creation platform Wochit
17 January 2017: PA Group – the parent company of the Press Association (PA), the national news agency for the UK and Ireland – has made a strategic investment in the social video creation platform Wochit.
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.”
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.