Transformation of Madison Technologies Begins With New Name
NEW YORK, NY / ACCESSWIRE / May 20, 2021 / Madison Technologies, Inc. (OTCQB:MDEX), announced today that it is changing its name to Go.TV, Inc. to better reflect the company's future mission, vision and overall strategy.
"Our new name, Go.TV, will unify our brand and demonstrate our purpose to offer free over-the-air television content to capitalize on the continual cord cutting as people move away from cable TV," said Philip Falcone, Go.TV, Inc's founder and CEO. "Our team is acquiring stations with the objective of building out a national footprint to provide compelling content to viewers, all of which will deliver strong value and returns for all stakeholders."
As previously announced, Go.TV purchased two Class A television broadcast stations in Los Angeles, the number 2 ranked DMA (Designated Market Area) in the nation, has FCC approval for the acquisition of KVVV-Houston and KYMU-Seattle and has LOI's for a number of other top 30 DMA stations. The two stations, (KNLA-CD and KNET-CD) currently broadcasting over 15 different streams of content to the LA marketplace 24 hours per day/7 days per week.
Go.TV expects to ultimately grow the station base to 100 TV stations nationwide through additional acquisitions targeting the top 100 DMA's, covering 75-80% of the population of the United States. The result will be a broad, nationwide, OTA independent distribution platform to host various content providers and data transmissions of many sorts, creating not only a unique, independent platform but an alternative to the existing cable, OTT, and Internet platforms for those seeking to expand viewership of their content.
Strong Tailwinds for OTA TV and Online Streaming
Consumers have embraced the cutting the cord trend and moving to broadband (Netflix, Apple, Disney) and OTA (to continue to watch the basics). OTA households alone have doubled over the last 10 years to 20MM, becoming a material part of the addressable TV universe.
As cord-cutting continues to accelerate in conjunction with other factors (e.g., censorship) affecting distribution, the need for an alternative distribution platform will accelerate, ultimately driving higher rates and higher valuation all without even factoring in the true value of the spectrum.
The OTA market represents a compelling market opportunity. With an estimated 107MM TV households in the U.S., 57.9MM households use Cable, 28.7MM use alternative or satellite dish delivery systems while 20.4MM use OTA antennas - representing 44.8MM people. As any TV set purchase comes equipped by federal law to be OTA accessible, the adoption opportunities are massive if the right offer is presented to the market that is already growing weary of the recurring costs associated with content subscriptions.
An even bigger opportunity lies in the forthcoming advent of NextGen TV. In late 2017, the Federal Communications Commission (FCC) voted to allow broadcasters to use the Next Gen TV using the new ATSC 3.0 broadcast standard on a voluntary basis. This new OTA broadcast technology offers high definition, mobile video, 4K resolution video, interactive features like polling and voting as well as e-Commerce capabilities for TV-based shopping. Sovryn's plans include leveraging these innovations and others to bring a truly modern interactive experience to consumers for free.
About Go.TV Inc.
Go.TV, Inc; Has a strategy to offer free over the airways television content with transmission towers.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Go.TV, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Go.TV, Inc. cautions you that any forward-looking information provided by or on behalf of Go.TV, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Go.TV, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Go.TV, Inc.'s control. In addition to those discussed in Go.TV, Inc.'s press releases, public filings, and statements by Go.TV, Inc.'s management, including, but not limited to, Go.TV, Inc.'s estimate of the sufficiency of its existing capital resources, Go.TV, Inc's ability to raise additional capital to fund future operations, Go.TV, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Go.TV, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Go.TV, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
SOURCE: Madison Technologies, Inc.