$2m boost for TVbeat start up
February 28, 2014
TVbeat, a London start-up that provides real-time television ratings, has secured $2 million funding. UK-based Episode 1 and Czech-based Credo Ventures have backed the firm to develop its big data, real-time TV analytics system.
“We are thrilled to see Episode 1 and Credo Ventures recognising the huge potential that our platform offers the media industry,” said Robert Farazin, founder of TVbeat. These funds will allow the company to expand its presence in new markets and further develop its state-of-the-art platform. TVbeat uses live data from connected set top boxes and other connected devices, turning millions of customer interactions into actionable insights. Farazin also announced the company’s name change to TVbeat, reflecting its analytical capability across any pay TV platform, including cable, satellite, VOD and OTT, as well as IPTV.
Having piloted its services, with great success, to broadcasters, advertisers and pay TV platforms in Slovenia, Croatia and Serbia, Farazin has plans to expand further in Europe this year. TVbeat provides audience measurement on a much greater scale than ever previously available.
Simon Murdoch of lead investor Episode 1 said: “We are excited about the disruptive potential of TVbeat because by drawing data from millions of views on a second by second level, across all platforms and devices, TVbeat represents a new generation of TV analytics, providing new insight in real time into audience behaviour for live and time shifted viewing.”
“We are already measuring over 15 million customer interactions per day, on all digital platforms, regardless of how and where video is consumed,” says Farazin. “This volume of data can give TV editors, programme directors and marketing teams the kind of precise audience insight they could only have dreamt about in the past.”
The granularity of the data and analysis derived by a large data sample will serve the needs of pay TV operators, broadcasters, agencies and advertisers alike, making TVbeat a perfect complementary analytical tool in any market.
Farazin explains TVbeat will also use the funds to expand its market appeal to additional customer bases. They will achieve this by delivering pay TV providers an even more powerful and immersive set of tools for analysing data they already have. “Real-time insight into customer behaviour and habits helps pay TV providers to adjust their offering accordingly,” says Farazin. “Initial feedback from platforms is great and I expect this to be a strong portion of our business soon.”