July 9, 2008
MEVIO Secures $15 Million in Funding to Support Rapid Growth and Move Into Vertical Entertainment Networks
SAN FRANCISCO, July 9 /PRNewswire/ -- MEVIO today announced that it has secured $15 million in a Series C funding round led by Crosslink Capital and including Kleiner Perkins Caufield & Byers, Sequoia Capital, Sherpalo Ventures and DAG Ventures. MEVIO will use the investment to continue expansion of its broadband entertainment offering and to launch new vertical entertainment networks that offer advertisers a "brand-safe" platform to reach audiences on the scale and frequency offered by traditional broadcast networks.
With a top 20 comScore ranking in both music (May, #10) and Multimedia (May, #16), MEVIO has had an explosive year of growth, witnessing dramatic increases in unique monthly visitors, page views, video streams and registration. In the last six months alone, MEVIO launched a new online entertainment network, doubled the amount of media it delivers, re-branded the company (formerly PodShow) and introduced a growing lineup of top shows that generate over 50 million views per month, strictly from MEVIO's wholly-owned properties and without the benefit of integration of an ad network. With this funding round, MEVIO expects to accelerate its growth with particular focus on offering premium brands the opportunity to reach and engage online audiences safely and effectively."The first wave of online video was a total failure for brand advertisers," said Ron Bloom, co-founder and chief executive officer, MEVIO. "In order to attract the billions of dollars of brand advertising spending that is still dedicated to television programming, online companies will have to provide audience and frequency at a scale to compete with traditional broadcast, and build it around brand-safe content that is relevant and entertaining. MEVIO is building that network."
In May of 2008, the company attracted over 9 million unique monthly visitors, up over 800 percent in the last twelve months. For the second quarter of 2008, MEVIO estimates page-views to exceed 140 million, up over 1,800 percent quarter over quarter. With the launch of its vertical entertainment networks, the company is exploring syndication opportunities that management believes will dramatically enhance MEVIO's already impressive reach.
"From distribution and licensing, to format and delivery, to basic underlying business models, the entertainment industry is continuing to undergo a dramatic shift as the Web evolves," said Jim Feuille, Crosslink Capital. "MEVIO's rapid growth, both in audience and programming, is testament to its focus on delivering a vision for entertainment that cannot be found elsewhere on the Web. We look forward to helping MEVIO continue to execute on this vision."
"We have always focused on high-quality, episodic content and have always questioned the relevance of single-clip video upload models for brands," said Adam Curry, co-founder and president of MEVIO. "MEVIO is building a full-scale entertainment network that incorporates all of the positive elements of traditional media along with the benefits of scale and insight offered by the Internet."
MEVIO (http://www.mevio.com/), the premier broadband entertainment network, provides single-click access to the best in new media in video, audio and music, delivered to an audience of millions and enjoyed on their computers, iPods, mobile devices and televisions. The Company produces and develops its own lineup of "brand-safe" episodic programming and delivers it on a platform that enables audiences to view, collect, organize, share, and create. MEVIO provides advertisers with a brand-safe network that enables them to reach and engage audiences with the scale and frequency of television and the insight and interaction of the internet. The Company has delivered campaigns for a broad range of world-class brands, including Coca Cola, Toyota, Anheuser Busch, HP, Motorola, Microsoft, Sony Pictures, Acura and Budget Rent A Car. MEVIO is privately held company and is backed by leading venture capital firms Kleiner Perkins Caufield & Byers, Sequoia Capital, Sherpalo Ventures, DAG Ventures and Crosslink Capital.
MEVIO and PodShow are trademarks of MEVIO, Inc. All other trademarks are the property of their respective owners. (*metrics extracted from comScore, Omniture, CDN data)
CONTACT: Nate Hermes of SutherlandGold Group, +1-415-934-9600,[email protected], for MEVIO
Web site: http://www.mevio.com/