OliveX Holdings Ltd (NSX:OLX) has secured an agreement with Marvel Entertainment, a wholly-owned subsidiary of The Walt Disney Company (NYSE:DIS), to create fitness experiences based on Marvel’s intellectual property.
The Licensing Agreement will enable OliveX to develop Marvel-branded interactive digital fitness experiences over a multi-year term, the details of which are commercially sensitive, with more information to be shared in future.
OliveX provides platforms that enable real-world fitness to merge with the digital universe to engage consumers with brands, influencers and coaches.
The company describes itself as a leader in gamified fitness, producing multiple successful fitness games such as ‘Zombies, Run!’ and ‘Dustland Runner’, as well as Smart Fitness AI-based home-fitness app ‘KARA Mirror’.
Watch: OliveX’s new fitness game Dustland Runner pulls over 1.5 million players in under two weeks
Marvel Entertainment is one of the world's most prominent character-based entertainment companies, built on a proven library of more than 8,000 characters featured in a variety of media for more than 87 years.
Marvel uses its character franchises in entertainment, licensing, publishing, games and digital media.
Healthcare gamification market
OliveX is operating in a lucrative space, part of the healthcare gamification market that has been valued in excess of US$25.3 billion is 2020 and is estimated to grow at a compounding annual growth rate of more than 14.6% between 2021 and 2027.
Healthcare gamification is the process of applying game mechanics, gaming principles and design techniques to non-game applications to amplify user engagement and substantial health related awareness.
These largely incorporate daily trackers, progress bars and the capability to share results and socialise with peers.
Healthcare gamification has spawned apps targeting the self-managing of medication, fitness and nutrition, physical therapy, and emotional health.
With increasing smartphone usage and internet affordability, the demand has witnessed a spike in the recent years, further encouraged by lockdowns and quarantine during COVID-19.