Stockholm-based Cloud-based TV operator Magine TV has secured $19 million in further financing to drive forward its OTT services. The cash has come from Swedish “and international investors”.
The agreement will mean that the international rollout of the platform will accelerate considerably. The first international launches will take place in the key TV markets of Germany and Spain, only a few months after the First Edition of Magine went live in Sweden. On the strength of this fundraising round, Magine says it expects the service will be available to viewers in at least five further markets before the end of the year.
Magine Chairman Michael Werner stated: “Magine is not just another TV platform, but a totally new way of accessing and consuming content. It is a subscription service that was devised to make viewers come back to watching TV and this is why broadcasters and content providers are very keen to adopt the service. Magine helps them create new forms of monetizing whilst respecting the current rights chain. Our investors recognised immediately that the huge potential for content discovery and social interaction among viewers thus generating new revenue streams.”
Magine already hosts some of the world’s leading channels, including Discovery, CNN International, BBC, Eurosport, National Geographic, Nickelodeon and Cartoon Network as well as home national broadcasters SVT and TV4. The company is in advanced negotiations with a number of other major international media and entertainment groups and further announcements are expected later this month.