Mega Matrix Inc. ( MPU ) shares are trading lower on Thursday following the announcement of its joint venture with 9Yards Cinema Production.

The companies revealed the establishment of a $100 million investment fund aimed at producing short dramas for TV or film.

The JV was formally announced at a signing ceremony earlier this week, attended by key executives from both companies, including 9Yards CEO Hussam Almulhem and Mega Matrix CEO Yucheng Hu.

The JV will be based in the Abu Dhabi Global Market, an international financial center in the UAE capital, and will leverage both companies’ strengths to foster growth in the global entertainment sector, particularly in short drama production.

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The fund will also focus on exploring opportunities related to the application of AI in short drama projects.

9Yards, a subsidiary of 9Yards Communications, has established a global presence with offices in North America, Europe, and Asia, along with a strategic hub in London.

Hussam Almulhem, CEO of 9Yards, emphasized that the agreement will lay a solid foundation for future engagement in the short drama industry across the MENA region and internationally.

Yucheng Hu, CEO of Mega Matrix, highlighted that the JV will help accelerate the company’s expansion into emerging markets in the MENA region and beyond, strengthening its global presence.

Price Action: MPU shares are trading lower by 5.21% to $0.5744 at last check Thursday.

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