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Cloud TV provider Magine closes $19mn funding

Swedish firm Magine has closed a new round of funding worth US$ 19mn as it seeks to speed up international launch plans for its cloud TV service, launched in its home market last March.

The company has previously attracted funding worth US$ 6.5mn, and now plans to launch in as many as five new markets by the end of the year, including Spain, Germany and possibly the UK.

Magine has developed proprietary technology to provide access to all TV content (live, time-shifted and catch-up) on all connected screens for a monthly fee of SEK 99 (US$ 14).

Channels currently available include Discovery, CNN International, BBC, Eurosport, National Geographic, Nickelodeon and Cartoon Network as well as Swedish broadcasters SVT and TV4.

Magine chairman Michael Werner said: “Magine is a subscription service that was devised to make viewers come back to watching TV and this is why broadcasters and content providers are very keen to adopt the service. Magine helps them create new forms of monetizing whilst respecting the current rights chain.”

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