Warner Bros leads $24MN Machinima financing round
DetailsEditor | 21 February 2015
After a year-long transformation, during which monthly viewership is up over 70% and US unique viewers have tripled, Machinima has announced that it has received a $24 million cash injection.
machinimaClaimed to be one of the largest online video platforms in the world — having a audience of more than 430 million subscribers worldwide, 170 million monthly unique viewers and 3.7 billion monthly video views — Machinima calls itself the first Many2Many programing service (M2M), aiming to create, curate and celebrate fandom and gamer content across multiple video platforms. Machinima currently ranks ninth in total US audience for online video entertainment properties and fourth for US males 18-49.
In 2014, the company revamped its executive team first with the hiring of former Ovation TV COO Chad Gutstein as CEO. Throughout the year, Gutstein unveiled key appointments to all areas of Machinima’s business, including most recently chief content officer Daniel Tibbets. The new team subsequently executed a brand repositioning. “In 2014, Machinima regained our leadership position in the global digital video marketplace by focusing on our Talent Network and transforming our brand into one that is reflective of our content, our audience and our community of creators,” said Gutstein. “This additional funding will enable Machinima to accelerate our growth through increased investments in content and technology that better serves our audiences, advertisers, creators and distributors.”
Warner Bros Entertainment led the $24 million financing with participation from existing investors Redpoint Ventures, MK Capital, Coffin Capital and Allen DeBevoise. “Under Chad’s leadership, Machinima continues to grow as a key entertainment destination for millennials,” said Craig Hunegs, president, Business and Strategy, Warner Bros Television Group, explaining why his consortium made the investment.
“With its enormous fan base, Machinima is an important exhibition partner, providing content creators, including Warner Bros, with multiple platforms for distributing and monetising digital content and programming brands.”