Game on for connected TV as PlayJam scoops $5m funding
Editor ©RapidTVNews | 26-10-2011 No playing around for TV games platform provider PlayJam, distributed over the connected TV products from Samsung, LG, Panasonic and Sony, as it just has closed a $5 million 'Series A' financing round with a number of the leading lights of the game industry.
The investment from companies such as GameStop Digital Ventures, Adobe Ventures, Endeavour Ventures, London Venture Partners will be used to fund further growth into Asian and US markets whilst the connected TV sector continues to experience what PlayJam believes is significant global expansion that will likely see an installed base of more than one billion devices by the end of 2015.
The games developer believes that its open architecture platform provides game developers with an advanced tool-set to enhance, promote, monetise and distribute content via connected TV. It allows billing, leader-boards, tournaments and integration with third party social networks and TV programming to be integrated via a dedicated scheduled for launch in Q2 2012.
"The investment in PlayJam is an important step to understanding the potential of the connected TV sector," said Chris Petrovic, Managing Director of GameStop Digital Ventures. "PlayJam has gained an early lead in the development, distribution and monetization of games on TV and we look forward to working closely with them to develop the opportunity further."
PlayJam asserts that games have quickly become a key content driver in the connected TV space accounting for almost two-fifths (38%) of all app downloads, the largest share of any genre. More pertinently especially from the perspective of the company’s new investors, PlayJam boasts extensive experience of monetising games on TV, generating over 6 billion downloads in the last five years on pay-TV. It adds that more than half of these gamers on to pay for content.
Looking at how it will work with its partners, PlayJam will aggregate Adobe Flash based 2D and 3D games for TVs from a wide range of game developers for distribution via its global games network. "There is a growing market for delivering rich casual and social games to connected TVs and further the virtual console concept on the largest screens in the home," said Emmy Huang, group product manager, Gaming at Adobe.