Paranovus Signs Software Development Agreement With BlueLine Studios To Advance Hollywood Sunshine Project
Portfolio Pulse from Benzinga Newsdesk
Paranovus Entertainment Technology Ltd. (NASDAQ:PAVS) has signed a software development agreement with BlueLine Studios Inc. to develop the AI-generated content game, Hollywood Sunshine. BlueLine, a portfolio company of Caravan Digital L.P., will work on creating a social gaming platform with celebrity involvement. Paranovus will pay up to $1.9 million in development fees and retain exclusive rights to the project, excluding background technology. The PC version is expected in Q2 2024, with an iOS version potentially following in Q3 2024. The partnership aims to leverage increasing demand for AIGC in the gaming industry. Paranovus is also considering acquiring BlueLine but is currently prioritizing the development project.
November 15, 2023 | 1:34 pm
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Paranovus has entered into a development agreement with BlueLine Studios for the Hollywood Sunshine game, with a release expected in Q2 2024. The company will pay up to $1.9 million and retain exclusive rights to the project.
The agreement with BlueLine Studios is a significant step for Paranovus into the AI-driven gaming sector, which is currently experiencing growing demand. The financial commitment and the potential for a unique product could positively impact investor sentiment and the company's future revenue, thus likely to have a positive short-term impact on PAVS's stock price.
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