2013-10-02 16:10NEWS

Cloud-TV startup attracts investors for global expansion

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If TV was invented today, and not a half century ago, would it still look and function like a TV? Probably not, according to the founders of Stockholm-based cloud-TV startup Magine.

For example, you would not need cables or a digital-box; you would have the choice to watch on-demand or live; it would run equally well on your mobile phone, tablet or smart-TV. 
A bit like online music service Spotify compared to a vinyl player.

Michael Werner, chairman of Magine, points out that the service 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,” he said.

Launched in March, the Swedish company has already attracted a lot of of attention from international media and investors.

And it recently secured SEK 120 million (USD 19 million) of financing, led by a group of undisclosed Swedish and international investors.

The money is earmarked for international expansion, with Germany and Spain the next countries on its radar. Currently, technical tests are going on in Norway and the UK. The service is already available in Sweden, offering 38 channels. The company had previously raised EUR 6.5 million.

Unlike its American competitor Aereo, Magine operates without hardware and without operating in any legal grey areas.

"What’s important to remember about Magine is that it is essentially an Internet-based cable operator. Because of the way the cable operators and TV networks and channels work together in Europe, the company’s model is very scalable, as Magine only has to pay a set fee to its content providers," the blog TechCrunch said in an analysis of the firm's expansion plans.

This article was published in collaboration between Stockholm Business Region and The Swedish Wire.


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