On the heels of record growth in 2018, the AVOD platform Tubi, currently available in the U.S. and Canada, is planning to launch in additional markets internationally and is looking to ramp up its content acquisitions.
Backed by Foundation Capital, Cota Capital, Jump Capital and Danhua Capital, as well as strategic investors MGM, Lionsgate and TEGNA Ventures, Tubi reached profitability in Q4 and will invest those earnings into content acquisitions this year. The platform says it will shell out “over nine figures to rapidly grow its already large catalog.” The platform houses about 12,000 movies and series from 200-plus partners. Its revenues were up by more than 180 percent last year, and total hours watched quadrupled. More than 1,000 advertisers ran campaigns on Tubi last year.
The platform, which has closed a $25 million growth capital facility with Silicon Valley Bank to help fund content acquisitions and marketing, says it will launch its first markets for international expansion in the first quarter.
“In 2018 we at Tubi saw tremendous growth as consumers, fatigued by SVOD subscriptions and services, sought alternative entertainment choices,” said Farhad Massoudi, CEO of Tubi. “We will continue to use profits to make bigger bets on content, enhance the viewing experience, and continue to press ahead into new grounds in what is our core advantage: technology and data.”