Cloud based television services company Magine gets $19mn funding

 BENGALURU: Magine, a Swedish cloud-based television operator, announced today that it has obtained an additional round of funding to the extent of $19mn that will enable it to expand the supply of its recently launched service of television content online (OTT).

Michael Werner, Matthias Hjelmstedt, Erik Wikstrom, Xavier Ritort and Hakan Tranvik, founders of Magine, obtained the funds through an agreement with a group of Swedish and international investors.

The funding will help Magine to accelerate significantly the time for the implementation of the platform at the international level. Within a few a few months the service will expand from Sweden and will be launched soon in its key television markets of Germany and Spain. It will be available for users across at least five other markets before the end of the year says Magine.

Magine president Michael Werner says "Magine is not just another television platform, but a whole new way to access and enjoy content. It is a service that requires a subscription and has been designed to make people return to following television programs. Because of this, broadcasters and content providers are very likely to use it. Magine helps them to create new forms of monetization while respecting the system of existing copyrights. Our investors realized immediately the extraordinary potential for discovery of content and social interactions available to users, and the service's ability to generate new revenue streams."

In Sweden, Magine hosts some of the most famous brands and channels in the world. These includr Discovery, CNN International, BBC, Eurosport, National Geographic, Nickelodeon and Cartoon Network, in addition to the national broadcasters SVT and TV4. The company has also initiated talks with numerous media and international groups engaged in the entertainment industry, and expect further announcements in this regard later this month.

Last April, Magine was presented to the international television and community members for content production during MIPTV (International market of television), one of the major international events in Europe dedicated to the entertainment industry. The presentation of the service has been hailed as the highlight of the event by commentators, journalists and leading figures in the industry.

Magine is the new television. It is not a new device to follow television programs, but a service that offers absolute freedom to follow live TV, pause or resume viewing at a later time for all channels and all devices at any time, in compliance with the existing copyright. It offers high speed, excellent quality and images protected by DRM (Digital Rights Management, Digital Rights Management) through any type of Internet connection available. It is currently available on Apple devices and the Samsung smart TVs. Soon it will be possible to use the service on other television platforms and tablets with Android operating system.

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