Streaming media platform Plex has secured $50 million in funding. The investor was Intercap.
Los Gatos, Calif., April 14, 2021 — Plex, the popular streaming media platform for all your favorite free movies, TV, and entertainment, today announced it has completed a growth equity round of $50 million from existing investor Intercap. The financing includes approximately $15 million in new capital for Plex, with the remainder of the funds used to purchase shares and options from employees and shareholders. The new capital will further Plex’s mission of being a one-stop shop for movies and TV, served up to consumers in a personalized and easy-to-use interface.
Founded in 2009, Plex offers access to more types of media in one place than any other streaming service, including over 20,000 free on-demand movies and TV shows, over 150 free-to-stream live TV channels, access to “over-the-air” broadcast channels and personal media libraries, DVR and program guide features, over 60 million music tracks, thousands of podcasts, and much more.
Plex has over 25 million registered users globally and is one of the most widely available AVOD and live TV offerings in the industry with users in 193 countries. Since launching ad-supported video on demand (AVOD) in 2019, and free live TV in 2020, the company has secured more than 240 entertainment content deals from the world’s biggest publishing studios and networks, including Lionsgate, Warner Bros. Domestic Television Distribution, Metro Goldwyn Mayer (MGM), Sony Pictures Television, Sinclair Broadcast Group, AMC, A+E, Crackle, and BBC.
The Problem: Streaming Services are Painful for Consumers to Manage
According to Persistence Market Research, “the global ad-supported video on demand market is projected to progress at an astonishing rate of 20% over the next decade.” As the industry grows so does the media chaos, creating a more fractured consumer experience with a dizzying array of services and subscriptions – all served up through a multitude of platforms and apps that the consumer has to keep track of. This experience is painful for consumers who just want to find and easily navigate to movies and TV shows that they like.
Plex’s mission is to give people a single pane of glass for their entire universe of media, helping them quickly and easily find exactly what they want. In addition, Plex will help users discover new things to enjoy based on everything they already watch, with smart recommendations such as “you watched this movie, so you might enjoy this podcast, or this musical artist.” It’s all about creating a custom multi-media entertainment experience that’s easy and enjoyable for each individual’s unique tastes.
“Everybody knows it’s a pain to sift through all the streaming services to find what you want to watch, and our goal at Plex is to manage your media life for you,” said Keith Valory, CEO at Plex. “Our job is to understand where everything is, whether it’s from our free library of movies and shows, a subscription service, live on TV, or something you can purchase, and for Plex to be the trusted go-to service to help you find what you want, when you want it.”
Intercap CEO to Become Chairman of the Board for Plex
As part of the round, Intercap chairman and CEO Jason Chapnik has joined the board of directors as Chairman, and Intercap President James Merkur has also joined the board of directors.
“Content providers, creators, and consumers are all paying the price for the explosion of so many streaming media services and the industry needs a trusted way for the experience to be as enjoyable as possible,” said Chapnik. “Plex has always been at the forefront of solving new media challenges and we believe they are primed to solve this problem – they are the cable company of the future.”
Inclusive of this financing, Plex has raised over $60 million to date from Intercap, Kleiner Perkins, and others.
Plex is a globally available one-stop-shop streaming media service offering thousands of free movies and TV shows and hundreds of free-to-stream live TV channels from the biggest names in entertainment, including Lionsgate, Metro Goldwyn Mayer (MGM), Sony Pictures Television, Sinclair Broadcast Group, AMC, A+E, and Crackle. Backed by Intercap and Kleiner Perkins, Plex is the only streaming service that lets users manage their personal media alongside a continuously growing library of free third-party entertainment spanning all genres, interests, and mediums including podcasts, music, and more. With a highly customizable interface and smart recommendations based on the media you enjoy, Plex brings its users the best media experience on the planet from any device, anywhere. Watch for free here, and for hot takes and deep dives on all things entertainment check out Plex blog The Gist.
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