Warner Bros. along with other entities, invest $24 million to boost Machinima’s future growth
Warner Bros. (NYSE:TWX) has been showing keen interest in the digital content company, Machinima, for quite some time now. Machinima is a platform dedicated to video gaming, and gaming culture fans. According to a Venture Beat report, the digital game video site has received $24 million in funding from Warner Bros. and other existing investors, which include Allen DeBevoise (Machinima’s former chief executive), MK Capital, Coffin Capital, and Redpoint Ventures.
Machinima was previously in a transition phase, in which it was aiming to grow its monthly viewership. Now, the company claims that its business has grown significantly. It observed a 70% increase in its monthly viewership, compared to the year before. Machinima has 430 million subscribers throughout the world, who view more than 3.7 billion videos per month. The company also has 170 million monthly unique viewers on its site; its US-based unique viewers have also tripled in one year.
This is the first investment round for the company in the current year. Last year, the digital content company had raised $53 million, and $18 million in multiple funding rounds. According to the company’s CEO, Chad Gutstein: “In 2014, Machinima regained our leadership position in the global digital video marketplace by focusing on our Talent Network and transforming our brand into one that is reflective of our content, our audience and our community of creators.”
Warner Bros. is interested in Machinima's business, specifically, in striking a partnership with the company. The two have previously collaborated to create the live-action web video series, named "Mortal Combat Legacy." Both parties' future plans include creating another animated video series from DC Comics and Blue Ribbon Content, named "Justice League: Gods and Monsters Chronicles." The series is expected to release later this year.