You’ve probably heard of a future virtual reality world often referred to as the metaverse or the omniverse, but have you heard of the kidaverse?
Genius Brands International Inc (NASDAQ:GNUS) just announced it’s leaping into the interactive digital space with its subscription-based Kartoon Channel! Kidaverse.
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What To Know: Genius Brands’ kid-focused metaverse is set to launch on April 15 for $3.99 per month.
The announcement follows the company’s acquisition of Ameba TV, which operates a video streaming technology platform for kids. The Kidaverse will be supported by Ameba TV’s technology.
Genius Brand’s Kidaverse will feature existing programs on The Kartoon Channel! as well as “exclusive metaversal content,” which will be launched incrementally beginning in the third quarter.
The newly announced metaverse platform will be paired with branded Kidaverse VR goggles and give kids the ability to create custom avatars and emojis, play games and even access NFTs, which Genius Brands refers to as KFTs (NFTs for kids). The collectible digital cards will feature popular characters from Kartoon Channel! shows.
Additionally, the Kidaverse will have its own digital currency called “Kidaverse MetaBuck$.” The company said it also plans to roll out podcasts, music and child-safe messaging or “messies.”
“The premise of the Kartoon Channel! Kidaverse is to provide children with fun, positive, engaging digital media AND to provide them with a safe and parent-controlled product,” said Andy Heyward, chairman and CEO of Genius Brands.
In addition to the Kartoon Channel! shows, the Kidaverse will add another 13,000 episodes under license to AmebaTV.
Genius Brands believes this will make it the largest single children’s portal of animation in the world, with over 20,000 animated titles under license.
Why It Matters: Genius Brands’ Kartoon Channel! is currently available for free. The company generates most of its revenue from licensing and advertising. The subscription-based Kidaverse could help drive revenues for a company that is rapidly adding users to its platform.
During the company’s most recent earnings report, Genius Brands said Kartoon Channel! application installs increased by 512% year-over-year. Kartoon Channel! also saw a 229% increase in unique users and a 294% increase in total ad impressions year-over-year.
GNUS Price Action: Genius Brands has traded as low as $1 and as high as $3.12 over a 52-week period.
The stock was up 1.89% at $1.08 Thursday afternoon.
Photo: courtesy of Genius Brands.