Cloud-Based TV Operator Magine Begins International Rollout


STOCKHOLM: The cloud-based TV operator Magine has secured a further $19 million in financing through a new round of investments, and has also launched its service in beta in Spain.

Magine founders Michael Werner, Matthias Hjelmstedt, Erik Wikstrom, Xavier Ritort and Hakan Tranvik raised $19 million through an agreement signed with a group of Swedish and international investors. The money is meant to help accelerate the international rollout of the service, which is already popular in Sweden.

The OTT service launched in beta in Spain last week. Chello Multicanal, Viacom Spain, Cosmopolitan and National Geographic Channel Spain are already on board to test out the beta version of Magine.

Magine is a subscription service that combines cloud-based live TV, catch-up, start-over and on-demand programming. The TV service is cloud-based and DRM protected.

Werner, Magine’s chairman, said: "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 recognized immediately that the huge potential for content discovery and social interaction among viewers thus generating new revenue streams."

"The Spanish marketplace is an ideal one for Magine, as it enjoys high broadband penetration with a relatively low pay-TV penetration," commented Hjelmstedt, CEO and co-founder. "When combining those two factors the Magine solution seemed an obvious one to the Spanish channels and content providers who were keen to be part of a service that offered their viewers a highly competitive subscription package."