Big Investments and Big Deals
Today we made three big announcements:
1) We raised $16.2 million in a Series B financing round that was lead by America Online, Inc., IAC/InterActiveCorp, The Hearst Corporation, and Allen & Company LLC as well as our existing venture partners Accel Partners and General Catalyst Partners.
2) Barry Diller, CEO of IAC/InterActiveCorp and Chairman of Expedia, Inc. joined our board of directors.
3) We signed a ground-breaking syndication and distribution agreement with AOL.
Not surprisingly, there has been a great response from the industry (see the links below for some of the coverage). There are a few things about these announcements we think are really important. First, is that the broader Internet and media industry is investing in our vision for open Internet TV. This is great news for both publishers and consumers who are excited about a world where video programming is broadly accessible through the Internet.
In practical sense, the agreement with AOL reveals one of the ways we plan to give publishers very powerful means to build their Internet TV businesses by leveraging the distribution that AOL.com can provide to reach consumers and ultimately to make publishers money. We very much believe that Internet syndication, whether it's to a major web destination like AOL.com or a network of smaller affiliates is going to be one of the defining characteristics of Internet TV.
Finally, the capital and opportunities that come through these agreements are going to give us an even bigger launching pad to do what we’re really excited about: making publishers, affiliates and advertisers successful while giving consumers access to a new universe of content.
On that front, we also started our commercial preview this week. If you’ve got video content and you want to participate, make sure you’ve filled out our publisher interest form. We’ll be sending out more invitations over the next few weeks.
- JA
A Few Coverage Highlights
Diller's IAC, AOL to Invest In Web-TV Company
Wall Street Journal (subscription required)
Net TV startup lands $16.2 mln from AOL, IAC
Reuters
Online Video Service Pairs Up With AOL
Associated Press
Brightcove Gets $16.2 Million Round From IAC, AOL & Hearst; Diller on Board
PaidContent.org
Posted in category: In the News , Comments (9), Tags:
Comments
Congratulations Jeremey and the rest of the team,
This is clearly big time validation of your approach. This truly feels like something fundamental has shifted. Very exciting.
When you get a moment drop me a line.
Regards,
Doug Turner
cell: 781 775 3708
by Douglass Turner on Nov 22, 2005 2:00:22 PM
Validation of approach? If venture capital money and syndication deals with big named portals = validation a lot of businesses that were launched in 1999/2000 would still be around. Adoption by the market is probably a better gauge of validation.
by on Nov 22, 2005 3:22:44 PM
Congratualtions.
Indeed a great news and good for entire agenda...
-abdul
by Abdul Qabiz on Nov 22, 2005 5:55:46 PM
It is true that we have a long road ahead of us to pull in customers and build a new market. We're excited about the opportunity to build the best service for our future customers - ranging from the independent film director to an existing television programmer.
However, we are certainly encouraged that our vision of Internet TV is shared by such tremendous partners.
by Bob Mason on Nov 27, 2005 5:16:46 PM
Congratulations to the Brightcove team! Great work!!!!
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