SAN JOSE, Calif., Oct. 02, 2023 (GLOBE NEWSWIRE) -- Adeia Inc. (Nasdaq: ADEA), the company whose patented innovations shape the way the world explores and experiences entertainment, today announced that Samsung Electronics Co., Ltd., a global leader in the electronics industry, entered into a long-term agreement at the end of the third quarter, renewing its license to Adeia's media intellectual property (IP) portfolio for its mobile devices and related offerings.
"Samsung's leadership in the Android mobile device market has been achieved by an unwavering commitment to meeting the dynamic needs of its customers. Consumers are looking for devices to stay connected to friends, family and colleagues and also as a gateway to digital news and entertainment," said Paul E. Davis, chief executive officer of Adeia.
According to Statista, Samsung shipped 258 million smartphones worldwide in 2022, accounting for over a fifth of smartphone shipments worldwide. The company's feature-rich devices have transformed access to communication and digital entertainment services. In the United States, over 60 percent of consumers report watching digital video content on smartphones, compared to 56 percent who consume videos on smart TVs. Mobile devices have also become a driving force behind the global video gaming market, with smartphone games accounting for 45 percent of video gaming revenue worldwide, also according to Statista.
"As revenue-generating opportunities on mobile devices continue to expand, so will the complexity associated with finding and accessing the content consumers desire. Intuitive and easy-to-use navigation enabled by Adeia's media IP portfolio allows subscribers to leverage voice search and intelligent content recommendations to streamline the discovery process. This makes it possible for consumers to spend less time searching and more time enjoying the content they love. This long-term renewal reflects the importance of Adeia's constantly evolving IP portfolio in supporting critical innovations that drive the mobile device sector forward," said Davis.
About Adeia
Adeia is a leading R&D and intellectual property (IP) licensing company that accelerates the adoption of innovative technologies in the media and semiconductor industries. Adeia's fundamental innovations underpin technology solutions that are shaping and elevating the future of digital entertainment and electronics. Adeia's IP portfolios power the connected devices that touch the lives of millions of people around the world every day as they live, work and play. For more, please visit www.adeia.com.
For Information Contact:
Investor Relations
Chris Chaney
IR@adeia.com
Media Relations
Stephanie Stocker
Conveyor Marketing
marketing@adeia.com
