UK-based Pay TV operator, Sky has invested an additional $5 million in 1Mainstream, taking its total investment in the US-based Over-the-Top (OTT) video delivery platform to $7 million. 1Mainstream provides an automated platform to enable content companies to launch OTT services across multiple platforms such as connected TVs, games consoles and mobile devices, allowing users to access these services on home gateways such as Apple TV, Xbox and Android TV.
According to Sky, it has used the 1Mainstream's platform to significantly broaden the distribution of its OTT services such as Sky News and NOW TV to its growing digital audience. As part of this transaction, 1Mainstream plans to create a new subsidiary, with Sky as a shareholder, focusing on new product concepts.
Emma Lloyd, Director of Corporate Business Development & Startup Investments, Sky
We are delighted to be demonstrating our commitment and belief in 1Mainstream by making this additional investment. Our partnership is a great example of the way in which we find innovative and forward-looking startups that support our key business goals. We've already seen the real value by extending the distribution of our content onto new platforms and into new geographies. The 1Mainstream team have some exciting new product ideas in the pipeline and we look forward to exploiting those in the future.
Rajeev Raman, CEO & Co-Founder, 1Mainstream
It's hard to overstate Sky's role in our development and growth. Their spirit of innovation and ability to partner with a young organization is a rare and potent combination that we are very excited to be a part of. The opportunity to jointly define and build the next generation of digital OTT services is phenomenal. We are very much looking forward to expanding our partnership.