AUSTIN, Texas,– Atmosphere (www.atmosphere.tv), the worldwide leader in streaming TV for businesses – known for its network of content channels (including CHIVE TV) – today formally announced a new $5M investment from Valor Siren Ventures I L.P. (VSV). VSV, launched in 2019, partners with founders and invests in early-stage food, food technology, and retail technology companies (www.valorep.com/valor-siren-ventures-vsv). Current investors, including Austin-based S3 Ventures (www.s3vc.com), also participated in the financing, closing the Series A round at $14M.
Atmosphere’s free ad-supported platform offers 21 audio-optional channels such as CHIVE TV, Red Bull TV, X Games TV, America’s Funniest Videos TV and Quick Take by Bloomberg. Atmosphere is currently streaming on TVs in over 8,000 restaurants, bars, gyms and other venues – playing over 135k hours per day in aggregate. The network has grown 2.5x since the start of 2019 and is currently adding approximately 800 new venues per month. In addition to the content, venues can run custom promotions on their TVs to drive customer engagement and behavior.
“TV programming for businesses is broken and expensive,” said Leo Resig, Co-founder and CEO of Atmosphere. “We are boldly defining the streaming TV-for-business category. By designing streaming content and features focused on retail businesses, Atmosphere is meeting the needs of two underserved markets: businesses looking for free, audio-optional TV programming, and advertisers that have never been able to effectively buy television media to reach a targeted out-of-home audience.”
While there is heated competition between media powerhouses like Disney, HBO, Hulu, NBC, Apple to expand streaming TV for in-home viewership, no one has addressed TV programming optimized for out-of-home viewing. ViacomCBS, Fox and Comcast have acquired free ad-supported streaming platforms Pluto, Tubi and Xumo, respectively in recent months to diversify offerings beyond subscription video-on-demand and traditional pay TV. Atmosphere provides the only streaming multi-channel platform that is free and licensed for commercial venue usage.
Atmosphere monetizes through branded advertisements and subscription fees for a premium version of its platform. Brands can reach highly-targeted audiences on the Atmosphere platform, particularly younger demographics, who are much more difficult to reach through traditional advertising mediums. According to Nielsen, a typical four-week Atmosphere ad campaign generates 69 million impressions. Atmosphere has spent the last year bolstering its advertising offering that includes granular targeting of audience segments, attribution and retargeting.
“Atmosphere blends the best of traditional TV and digital advertising. No other advertising medium can deliver an engaged audience, mass reach, precise targetability and industry-leading ROIs on big screen TVs,” said Atmosphere Co-founder and President, John Resig. “It’s the most efficient way for brands to reach millions of consumers in their daily lives.”
“There are screens in retail establishments everywhere with significant content opportunities,” said Valor Siren Ventures Partner and Fund Manager Jon Shulkin, who will be joining the board as part of the financing. “Atmosphere helps retailers take control of their screens with brand-safe content that is superior to current cable TV programming options, which are all designed for in-home viewing with audio. We are thrilled to partner with Leo, John, and the Atmosphere team.”
Atmosphere is the worldwide leader in streaming TV for businesses, offering 21 original and partner TV channels. The platform has been built from the ground up with proprietary content, technology and data to deliver unparalleled experiences for businesses, consumers and advertisers. The platform also provides a digital signage feature for businesses to run their house promotions within the content. The business was incubated within Chive Media Group and spun out in 2019.
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