Sweden Based TV Streaming Company Magine Raises $19 Million
Magine is a service that lets you access programs from your favorite cable TV channels that are live and recorded. So far, Magine has been only available in their home country of Sweden. Magine has raised $19 million in Series A funding from a consortium of Swedish and international investors. The company will use the funding to expand further into Europe starting with Germany and Spain.
Users pay Magine a subscription fee and install and application on their tablet, smartphone, or smart TV. This allows users to watch TV content over the Internet. Magine customers can watch content that was broadcast in the past and pause live TV just like a DVR.
Magine can be easily compared to U.S. based cable TV streaming service Aereo. The main difference between Magine and Aereo is that Aereo requires hardware. The large TV networks are also suing Aereo claiming that the service is illegal.
Magine CEO Mahesh Kumar said that broadcasters are not throated by Magine because it complements the services rather than disrupting their existing business. It also helps broadcasters monetize content on a larger scale.
Discovery, CNN, BBC, National Geographic, Cartoon Network, and Nickelodeon are all on board with Magine. The company is also in advanced negotiations with several other international media and entertainment companies. Magine was founded by Michael Werner, Matthias Hjelmstedt, Erik Wikstrom, Xavier Ritort, and Hakan Tranvik.
A subscription to Magine costs 99 Krona per month (which is around $14.70 or 11.40 Euros).