Atmosphere, an Austin, Texas-based ambient TV entertainment platform company that is known for its network of content channels including CHIVE TV, announced it has closed a $10 million Series A round of funding. This investment round was led by S3 Ventures.
Capstar Capital also participated in this round. And the funding will go towards ramping up B2B distribution, technology, data, and monetization.
Atmosphere is essentially a first-of-its-kind OTT streaming platform for businesses and consumers that offers original and operated ambient TV channels. The platform was built from the ground up with proprietary content, technology, and data for delivering unparalleled experiences for businesses, consumers, and advertisers. Chive Media Group incubated Atmosphere and it spun out earlier this year.
“As a society, people are migrating to urban areas and are growing increasingly mobile, with 70% of our waking hours now being spent outside the home,” said Atmosphere co-founder and CEO Leo Resig. “There are screens everywhere with sub-par content. We are helping business establishments take control of their screens with content that’s superior to current programming options that are designed for in-home viewing with audio-leading to improved customer experience, increased visitors and dwell-time.”
Along with the content, the platform allows venues to run promotions on their TVs that drive customer engagement and behavior. And the company’s flagship channel called CHIVE TV is currently streaming in more than 4,300 restaurants, bars, gyms, and venues. Plus the network has grown at an annual rate of 170% since the start of 2017 and is currently adding approximately 450 new venues per month.
Atmosphere generates revenue through SaaS fees and advertisements. And Atmosphere’s viewership is currently more than 31,000 people in an average minute and it is rated #1 in overall dwell time for millennials versus its place-based video peers according to Nielsen.
“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,” added Atmosphere Co-founder and President John Resig. “Our positive and family-friendly programming appeals to everyone. We are captivating audiences and getting people to lift their heads from their phones and engage with the content.”
Chive Media Group is a multiplatform digital media and e-commerce company that runs the flagship brand called theCHIVE. theCHIVE is known as one of the funniest photo gallery and viral video companies that reach more than 30 million people every month and more than 8 billion content views annually. And its e-commerce site The Chivery has sold more than 5 million t-shirts and apparel items since it launched in 2011.
“I have yet to meet someone who enjoys watching closed-captioning or talking heads at their favorite establishments,” explained S3 Ventures Partner Charlie Plauche — who is joining the board in conjunction with the funding. “Yet, that is the best option most businesses have to entertain patrons. That all changes with Atmosphere, who offers engaging content to viewers of all ages with no audio needed. It is a transformative media platform and advertisers are quickly figuring that out.”
