Ai-Media Technologies Limited announced it has successfully renewed its exclusive agreement with major Australian broadcaster Seven Network (Seven) for an additional five-year term. Highlights: Ai-Media signs a five-year contract renewal with strategic customer, Seven; Seven will extend its use of Ai-Media's offerings from traditional premium Services to technology products iCap Encode, Lexi and Smart Lexi, and an enhanced use of SubSilo; Seven will be the first free-to-air Australian broadcaster to transition to Ai-Media's iCap network, adopting the full suite of technology products, targeting a Third Quarter FY23 roll-out. SubSilo: An element of the Seven renewal was Seven's organisation-wide implementation of SubSilo, which uses Ai-Media's captioning to power automated search across Seven's extensive media archive.

Summary of the agreement: Under the five-year renewal agreement, Ai-Media will deliver all captioning across the Seven network at lower costs to Seven, driven by the rollout of the iCap network through the iCap Encode products and the automated Lexi and Smart Lexi SaaS products. Seven will purchase hardware from Ai-Media and will pay a monthly captioning fee (for an agreed amount of captioning) and a monthly equipment support fee. Seven will continue to benefit from the integrated SubSilo product which fully indexes archived content across the network with "search by caption" functionality available 24 hours after broadcast.