AUSTIN, Texas--(BUSINESS WIRE)--Atmosphere (www.atmosphere.tv), an ambient TV entertainment platform known for its network of content channels (including CHIVE TV), today announced it has closed a $10 million Series A financing round. The investment is led by Austin-based S3 Ventures with participation from Capstar Capital. The funding will go toward ramping up B2B distribution, technology, data and monetization.
The investment accelerates a new paradigm in entertainment dubbed ‘ambient TV’— with audio-optional content catered specifically to brick and mortar businesses that want to entertain and captivate their patrons or for consumers who want to enjoy background TV at home. In addition to the content, the platform allows venues to run promotions on their TVs that drive customer engagement and behavior. The company’s flagship channel, CHIVE TV, is currently streaming in over 4,300 restaurants, bars, gyms and other venues. The network has grown by an annual rate of 170% since the start of 2017 and is currently adding approximately 450 new venues per month. Atmosphere’s viewership is currently over 31,000 people in an average minute and is rated #1 in overall dwell time for millennials versus its place-based video peers, according to Nielsen.
“As a society, people are migrating to urban areas and are growing increasingly mobile, with 70% of our waking hours now being spent outside the home,” said Leo Resig, Co-founder and CEO of Atmosphere. “There are screens everywhere with sub-par content. We are helping business establishments take control of their screens with content that’s superior to current programming options that are designed for in-home viewing with audio—leading to improved customer experience, increased visitors and dwell-time.”
While there is heated competition between media powerhouses for in-home OTT viewership across apps and vMVPD ‘skinny bundles’, no one has addressed TV programming that is created specifically for out-of-home viewing. Atmosphere provides the only OTT multi-channel platform that is designed and licensed for businesses.
Atmosphere monetizes through SaaS fees and advertisements. “Atmosphere blends the best of traditional TV and digital advertising. No other advertising medium can deliver an engaged audience, mass reach, precise targetability and industry-leading ROIs on big screen TVs,” said Atmosphere Co-founder and President John Resig. “Our positive and family-friendly programming appeals to everyone. We are captivating audiences and getting people to lift their heads from their phones and engage with the content.”
“I have yet to meet someone who enjoys watching closed-captioning or talking heads at their favorite establishments, said S3 Ventures Partner Charlie Plauche, who will be joining the board as part of the financing. “Yet, that is the best option most businesses have to entertain patrons. That all changes with Atmosphere, who offers engaging content to viewers of all ages with no audio needed. It is a transformative media platform and advertisers are quickly figuring that out.”
Atmosphere is a first-of-its-kind OTT streaming platform for businesses and consumers, offering original, owned and operated ambient TV channels. The platform has been built from the ground up with proprietary content, technology and data to deliver unparalleled experiences for businesses, consumers and advertisers. The platform also provides a digital signage feature for businesses to run their house promotions within the content. The business was incubated under Chive Media Group and spun out in 2019. For more information, visit www.atmosphere.tv.
About Chive Media Group
Chive Media Group is a multiplatform digital media and eCommerce company. The company’s flagship brand, theCHIVE, is home to the world’s funniest photo galleries and viral videos, reaching more than 30 million people each month and amasses over 8 billion content views annually. The company’s eCommerce site, The Chivery, is a content-driven commerce site that has sold over 5 million t-shirts and apparel items since its launch in 2011. The company’s 501(c)3 Chive Charities has raised over $15M through flash-donation campaigns for orphaned causes. Visit www.chivemediagroup.com for more information.