Pluto TV Secures $5 Million In Funding From Samsung
LOS ANGELES(17 Oct 2017)
Pluto TV, the leading free Internet television service in America, today announced it has received $5 million in funding from Samsung Venture Investment Corporation, the venture capital arm of the Samsung Group, with participation from other investors totaling $8.3 million. The funding will be used to further expand Pluto TV's product, content and marketing efforts.
"Samsung is the global leader in the TV market, changing the way people experience entertainment through constant innovation," said Tom Ryan, CEO of Pluto TV. "Their investment in Pluto TV is a great vote of confidence in our mission to bring free Internet television to consumers everywhere."
"Pluto TV is the leading free Internet TV service in America and we see huge potential for the company as they scale their cutting edge offering to viewers around the world," said Jihong Kim with Samsung Venture Investment Corporation.
With over 100 live channels and a robust on demand offering, Pluto TV has partnerships with major TV networks, movie studios, publishers, and digital media companies, Pluto TV is America's go-to app for anyone seeking free TV. Heralded as a "must-have entertainment app" by Inc. magazine, Pluto TV, completes the TV watching experience by providing content like live sports, news, and unique thematic channels not available to subscribers of traditional pay TV services, skinny bundle services or subscription video on demand (SVOD) services.
Pluto TV has also been growing rapidly, announcing over 40 content partnership deals this year alone. including Warner Bros, Lionsgate, Metro-Goldwyn-Mayer (MGM), Bloomberg, Al Jazeera English, Cheddar, Gravitas Ventures, Asylum, Viz Media, Electronic Music Awards, Big Sky Conference, Stadium, Jukin Media, and JASH.
About Pluto TV
Pluto TV, the leading free OTT television service in America, carries and programs more than 100 live channels and thousands of on demand movies in partnership with major TV networks, movie studios, publishers, and digital media companies. Millions of viewers tune in each month to watch premium news, TV shows, movies, sports, live events, cartoons, and trending digital series. Download the Pluto TV app free on mobile, web, and living room devices, including Samsung Smart TVs, Roku, Apple TV, Android TV, PlayStation, Xbox, and more.
Headquartered in Los Angeles, with offices in Berlin, New York City, and Silicon Valley, Pluto TV is backed by USVP, ProSiebenSat.1 Media, Scripps Networks Interactive, Sky, United Talent Agency, Luminari Capital, Chicago Ventures, Pritzker Group and other prominent investors.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for Samsung Venture Investment Corporation tracks closely to the strategic priorities of Samsung affiliate companies' core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics.