BRIGHTCOVE RAISES $16.2 MILLION FROM DILLER, ALLEN & CO, AOL
Brightcove closes a nice round with some great investors:
Brightcove, an Internet television start-up that helps programmers syndicate shows across the Web and collect money from it, plans to announce on Tuesday that it has attracted new high-profile investors, including America Online and InterActiveCorp, and a distribution pact with AOL.
Analysts said the deal for the company, which has generated Google-like buzz even before its service becomes officially available next year, could inch it closer to breaking "TV's exclusive lock" on how viewers watch TV, Forrester Research analyst Josh Bernoff said.
Brightcove has developed Web tools to get video distributed on any number of sites and collect fees or ad revenue.
The company's founder, Jeremy Allaire, known for making Macromedia's Flash software one of the most popular formats to view video online, has attracted Time Warner's AOL, InterActiveCorp, Allen Bank and Trust, and Hearst, which plan to invest $16.2 million in the company.
Barry Diller, the chief executive of InterActiveCorp, will join Brightcove's board of directors, Allaire said in an interview.
Bernoff said the year-old start-up's attraction underscores several trends sweeping through the Internet and media landscape: a drive by media companies and individuals to put more shows on the Web; consumers hungering for more videos and home videos online; and the booming advertising interest to support it. (full article)
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