The deal sees Apollo Productions become a wholly-owned Candee subsidiary. Financial terms of the acquisition were not disclosed.
Takuro Arai, executive VP and chief commercial officer of Candee, and Shuhei Okawa, executive officer of Candee, have been appointed to the board of Apollo Productions.
In a statement to The Edge, Arai said, “The movement of mobile content appears bipolar. One is the distribution of which a large quantity by individual amateurs and the other is the distribution by professionals. The latter will continue to expand since further increase in the number of clients is expected. In the livestreaming business, the set of equipment, facilities and specialised experts is required. We had worked together with Apollo Productions as a creation partner in the past but decided to become one in anticipation of future expansion.”
Candee secured about JPY 1 billion (~$8.8 million) in December 2016, with proceeds from this investment funding the Apollo acquisition.
Apollo has more than 30 professional photography, audio and distribution professionals as employees, and works across platforms such as AbemaTV, NicoNico Live, LINE LIVE, YouTube Live, SHOWROOM, and Periscope.
According to Candee, the acquisition was motivated by Apollo Productions’ significant technical expertise. Combined with Candee’s own content creation capabilities and casting network, this will permit the firm to offer high-quality and unique formats unique to mobile videos which it will distribute through its network.
Toshiyuki Asada, the founder of Apollo Productions, established a portal website for students of the University of Tokyo while still studying at the university. Asada founded Apollo Productions in 2008, creating advertising videos for companies and movie promos.