Online Radio Service TuneIn Raises $25 Million
TuneIn is an online radio service that has raised $25 million in funding led by Institutional Venture Partners (IVP). Existing investors Sequoia Capital, Google Ventures, and General Catalyst Partners also participated in this round. IVP general partner Jules Maltz is going to be joining the TuneIn board of directors. TuneIn has hit over 1 billion listening hours for the year this past April, which makes them the top live audio content provider.
TuneIn will use the funding to continue investing in content and their product. TuneIn plans to offer more services for broadcasters that use their services. One of the disadvantages that broadcasters have is that many local stations still heavily depend on the same local ads online even though a lot of their listeners are not local. TuneIn will soon allow these broadcasters to substitute local ads with other types of ads.
TuneIn has over 70,000 AM, FM, HD, and access to other online radio stations. They also have 2 million on-demand programs. TuneIn has 40 million active listeners in over 230 countries and territories. They powered around 227 million listening sessions of over 60 seconds in March. TuneIn launched the TuneIn Live service recently and they have seen “triple-digit-growth” this past year. TuneIn is available on over 30 platforms now.