Sports-free streaming TV service Philo has raised more than $40 million from existing investors, with AMC Networks, Discovery and Viacom (all suppliers of Philo programming) leading the companys Series C funding round.
Philo also said it has launched its $16-a-month collection of 40 channels on Amazon Fire TV and Apple TV. Previously, Philo had been available on Roku devices, iOS and Android as well as 35 TV Everywhere apps.
The new financing will sustain investments in product features and enhancements, as well as expanded marketing efforts. Philo is also developing a social media TV experience.
“Our goal is to build a television service that people love. The expansion onto Amazon Fire TV and Apple TV is a natural extension for us and allows many new people to discover and enjoy Philo, as well as expanding the viewing options for our existing subscribers,” said CEO Andrew McCollum. “Were thrilled with the response weve seen to Philo so far, but were always looking for ways to make it even better, and this is another big step forward in that direction.”
Last fall, Philo launched the industrys first entertainment-focused skinny bundle and continues to add value for subscribers with new features. One pain point for many pay-TV subscribers has been sports, with multi-billion-dollar rights fees pushing rates for all customers steadily higher. Even skinny bundle services, after initially marketing themselves as a cheaper alternative, have had to increase prices of late.
Viacom has also been making noises about starting its own stand-alone OTT service, and AMC and Discovery have also been investing in their own branded streaming products.