Blip.tv scores $10M in funding round
While YouTube is happily celebrating its fifth birthday with a special channel on its site, blip.tv is cheering about a $10.1 million round of funding that it announced today.
Blip.tv’s third round of venture investment was led by Canaan Partners and existing investor Bain Capital Ventures. Blip.tv, which also celebrates its fifth birthday this year, said it would use the latest round of funding to accelerate the growth of the independent Web shows that it hosts and distributes, expand its content services team, continue to grow its international advertising sales force, and develop new products for viewers and producers.
“Blip.tv turns five this year, and I couldn’t be happier with our success to date and our growth plans for the future,” said blip.tv CEO and co-founder Mike Hudack. “We started in 2005 with a simple mission: to change the entertainment industry by making independent show production sustainable and scalable. We’re moving on to the next phase of executing against that mission, and with help from both Canaan Partners and Bain Capital Ventures, I’m confident that we’ll be successful. We’re making more shows sustainable every single day, and now we’re going to accelerate that change even faster. This is an extremely exciting time.”
Blip.tv said it currently serves more than 50,000 original Web shows and 85 million video views a month. By contrast, YouTube posted 13 billion views in the month of March.
Shows on blip.tv range from scripted sitcoms and dramas to news and how-to programs. Blip.tv hosts and syndicates shows to iTunes, YouTube, Vimeo, AOL Video, Verizon FiOS, TiVo, Sony Bravia, the Roku Digital Video Player and Facebook.
Blip.tv’s revenue model is based on a 50/50 split of advertisements with the show creators. By contrast, Hulu has been relying on advertising revenues but will start trialing a subscription service later this month.