Tubi TV Receives Investment and Content From MGM and Lionsgate
Viewers who haven't heard of Tubi TV until now might want to take a look. The ad-supported video-on-demand platform announced that it has received an equity investment from two major Hollywood studios—MGM and Lionsgate. While Tubi TV didn't disclose the size of the investment, Variety says it took in $6 million in this latest financing round. Lionsgage and MGM are also licensing hundreds of premium movies to Tubi TV, something the company needs just as badly as cash.
Tubi TV previously signed a licensing deal with Paramount Pictures. With this new deal in place, its library includes 40,000 titles, including Oscar winners like Midnight Cowboy, Crash, Rain Man, and The Hurt Locker. Tubi TV's main competitor in the ad-supported VOD space is Sony-owned Crackle, which distinguishes itself with original titles such as Jerry Seinfeld's Comedians in Cars Getting Coffee.
The MGM and Lionsgate investments actually went to AdRise, Tubi TV's parent company. AdRise started in 2011 by creating ad-supported channels for partners, but then launched Tubi TV in 2014. It notes that viewership has risen by 400 percent over the last year.
Tubi TV is available on iOS and Android devices, the new Apple TV, Roku, Amazon Fire TV, Xbox, and Samsung connected TVs and Blu-Ray players..
The lean-forward online video experience gets the lean-back treatment: Crackle programming will begin playing automatically on launch.
The Sony-owned online video destination is growing with original series, and now its first full-length movie, a highly physical action picture called Extraction.
Best known for ad-supported premium video, Crackle is making a bigger investment in original programming in 2013.