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Sky deepens investments in OTT service provider 1Mainstream
MUMBAI: UK pay TV service provider Sky has invested a further $5 million in 1Mainstream, a pioneering OTT startup company that operates an automated platform for the distribution of linear and on-demand video to a wide range of internet-connected devices.
The investment, which is in the form of a convertible debt security, builds on the $2 million already invested by Sky in August 2013.
1Mainstream’s platform provides automation technology to enable content companies to launch OTT services across multiple platforms – such as Apple TV, Xbox, Android TV and Samsung – in only a matter of weeks and with almost no upfront costs.
Since its initial investment, Sky has used the 1Mainstream’s platform to significantly broaden distribution of its OTT services such as Sky News and Now TV to its growing digital audience. Partnering with Sky has allowed 1Mainstream to open up new relationships with media companies and operators around the world.
As part of this transaction, 1Mainstream plans to create a new subsidiary with Sky as a shareholder, focusing on new product concepts.
The expansion of the partnership with 1Mainstream builds on Sky’s ongoing programme of investing in startups that continue to innovate and gain market share.
Sky director of corporate business development and startup investments Emma Lloyd commented, “We are delighted to be demonstrating our commitment and belief in 1Mainstream by making this additional investment. Our partnership is a great example of the way in which we find innovative and forward-looking startups that support our key business goals. We’ve already seen the real value by extending the distribution of our content onto new platforms and into new geographies. The 1Mainstream team have some exciting new product ideas in the pipeline and we look forward to exploiting those in the future.”
1Mainstream CEO, co-founder Rajeev Raman commented, “It’s hard to overstate Sky’s role in our development and growth. Their spirit of innovation and ability to partner with a young organization is a rare and potent combination that we are very excited to be a part of. The opportunity to jointly define and build the next generation of digital OTT services is phenomenal. We are very much looking forward to expanding our partnership.”