Swedish TV startup Magine, which acts as a cloud-based cable operator, has landed a whopping $19m financing round from a group of undisclosed Swedish and international investors. The funding will be used to accelerate the platform’s global rollout, with launches in Germany and Spain taking place “very shortly”.
“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,” said Magine Chairman Michael Werner. “Magine helps them create new forms of monetising while respecting the current rights chain.”
The startup launched its service, which allows viewers to catch up on already-aired TV shows by dragging back on a simply designed timeline, in Sweden in March.
Founded in 2011 by Werner, Matthias Hjelmstedt, Erik Wikstrom, Xavier Ritort and Hakan Tranvik, Magine promises more flexibility when it comes to watching TV, a fluid experience across devices – television, computer, phone, tablet – and eliminates the need for a clunky cable setup box.
As for the future, the company has said it is in “advanced negotiations” with a number of international media and entertainment groups.
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