While the field of multi-channel networks has continued to narrow here in the US through a series of major acquisitions, it looks like money is still flowing into online video networks abroad. The Munich-based German MCN Mediakraft announced today that it has raised $23 million in funding. Most of the money came from French venture capital firm Iris Capital with German investors Capnamic Ventures and Shortcut Ventures picking up the rest.
Medikraft is based in Germany and specializes in content for millennials in central Europe. The network is comprised of over 2,000 channels totaling almost 36 million subscribers and approximately 350 million combined monthly views. Its content is diverse and runs the usual gamut from style and entertainment to sports and gaming.
Many independent MCNs in the United States have been contracting due to a round of big ticket buyouts, a signal that the bubble for multi-channel networks may be close to bursting. By contrast, the European MCN space has been expanding. MediaKraft has gained the funding it needs to expand its reach and support offices in Germany, Poland, The Netherlands, and Turkey. Meanwhile, Amsterdam-based Zoomin.TV has launched an expansion into the US. At this point, the fate of MCN land is still unclear, but at least for Mediakraft the immediate future looks bright.
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