ErosSTX Inc. (ESGC) stock rises by 23.21% in pre-market trading. Let’s find out why?

ErosSTX Inc. (NASDAQ: ESGC) stock gained by 4.19% in the last trading close whereas the ESGC stock rises by 23.21% during the pre-market trading session. Any recent news does not follow the rise in ESGC stock price. Eros STX is an entertainment company that deals with the production and distribution of films, digital content, and music to various platforms like theatre, television, and OTT digital media streaming and also to other consumers globally.

Recent Developments

• Eros STX, on March 8 announced that an entertainment platform Eros Now, owned by ErosSTX has signed a collaboration with Google cloud. In this collaboration ESGC will use its Artificial intelligence technology for streaming the complete range of Eros Now movies and originals along with the subtitles. Eros Now which is already a well-known digital OTT South Asian entertainment platform has now become the first ones to provide global streaming service with the help of google cloud technologies. Through this step, ErosSTX has managed to modify the previously manual workflow.
• Another recent positive development for Eros STX is that ESGC along with Amazon Prime has finalized a multi-year first window outputdeal in the Nordics. This announcement was made on March 1, and the deal was effective immediately after that. This agreement builds on ESGC and Amazon prime’s existing multi-territory output partnership, which they signed in the United Kingdom, France, and Italy in 2020.The majority of STX films will continue to be released theatrically in the Nordics by SF Studios, with Amazon Prime Video distributing them in the Pay 1 window throughout the region in Sweden, Denmark, Norway, and Finland. SF Studios and STX recently extended their long-standing output deal, which was first signed in 2015.

Conclusion

Following the recent development in ESGC, it is highly possible that the rise in ESGC stock price is due to these recent positive events that happened in ErosSTX. The progressive steps taken by ErosSTX would have definitely gained the attention of investors towards ESGC stock.