In late March Sber, the state-controlled financial and digital giant previously known as Sberbank, took control of a Russian video creation startup called Movika, reports East-West Digital News (EWDN).
Sber’s subsidiary Digital Assets acquired a 58% stake in Movika and could increase it to 80% in the future, Sber said. The amount of the deal was not disclosed.
Movika’s technology allows video creators to make video with variable scenarios – which allows viewers to choose actions and change the plot. Movika is also a publishing platform with a feed similar to that of TikTok.
Movika was initially launched in March 2019 as a product of Interactive Platform, a Russian start-up based Kazan, Tatarstan, and backed by serial investor Sergey Solonin. Movika was registered as a separate entity in November 2020.
Sber’s investments in Movika will go to technology and business development. Sber said the Movika technologies will be integrated into various services and products of its digital ecosystem.
This article first appeared in East-West Digital News (EWDN), a bne IntelliNews partner publication.