The company partners with both hospitals and pharma companies to personalize medicationsRead more...
The gaming video site has rebounded in the last year, after executive turnovers and layoffs
Gaming video site Machinima has raised a new $24 million financing round, according to a report from The Hollywood Reporter on Thursday.
The round was led by Warner Bros. Entertainment, along with participation from existing investors Redpoint Ventures, MK Capital, Coffin Capital and co-founder Allen DeBevoise.
Machinima had previously raised nearly $67 million, including $35 million from Google, Redpoint Ventures and MK Capital in May of 2012, and then another $18 million from Warner Bros. Entertainment, with MK Capital, Redpoint Ventures, and Google Capital in March of last year. The company has now raised over $91 million in venture funding.
Founded in 2000, Machinima is an online entertainment network that features clips and teasers from numerous video games. The site allows users to watch trailers, gameplay, montages, music videos and original Machinima series and movies.
The company has one of the most successful, and most clicked, YouTube channels, though sincenaming Chad E. Gutstein, former Chief Operating Officer of the Ovation television network, as its new CEO around a year ago the company has pivoted slightly to dedicate itself to gaming culture and fandom.
At the time Machinima was slipping, seeing its viewer numbers dip, lay=offs and a slew of executives departing. In addition to losing its CEO, the company also lost Philip DeBevoise, the brother of ex-CEO and co-founder Allen DeBevoise. Philip was also a co-founder, as well the company's President. On top of that, Allen's nephew, Aaron DeBevoise, who was Executive Vice President of Network Programming, also left.
Since going through the transition, though, Machinina seems to have rebounded; it now reaches 170 million monthly unique viewers, representing 70 percent growth over the last year. Meanwhile, The Machinima YouTube network is still going and now has more than 430 million subscribers around the world.
Machinima and Warner Bros. have a deep relationship; on top of the now two investment rounds the studio has led in the company, the two sides announced their first programming collaboration in September, when Machinima greenlit the animated shortform series JUSTICE LEAGUE: GODS AND MONSTERS CHRONICLES.
."This additional funding will enable Machinima to accelerate our growth through increased investments in content and technology that better serves our audiences, advertisers, creators and distributors," Gutstein said in a statement.
"With its enormous fan base, Machinima is an important exhibition partner, providing content creators, including Warner Bros., multiple platforms for distributing and monetizing digital content and programming brands," said Craig Hunegs, president of business and strategy at Warner Bros. Television Group.
VatorNews has reached out to Machinima for confirmation of the new funding round, as well for for more details on its future plan. We will update this story if we learn more.
(Image source: machinima.com)
Read more from our "Trends and news" series
Jonathan Bush, co-founder of athenahealth, is now the company's Executive ChairmanRead more...
The company allows patients to use virtual reality for therapeutic exerciseRead more...