From its roots as a DIY streamer for digital media collectors, Plex has expanded into ad-supported entertainment through content deals with Hollywood studios and TV networks. Today, it is announcing a $ 50 million round of financing that could promote its transformation into a one-stop shop for all things streaming. Plex plans to put about 30 percent of the new capital towards expanding its service to integrate popular streamers and premium video on demand titles for rental and purchase by 2022. In total, it has raised more than $ 60 million to date from investors including InterCap and Kleiner Perkins. .
In a nutshell, Plex is using its venture fund to build a home for personal curators and general watch watchers. This move to streaming services could help secure the future of Plex in an era – and connected TV platforms, such as Roku and Android TV, that provide access to them all in one place – for its raison d’etre Pose a threat. By blending in-person and third-party content (including big companies like Netflix and Disney +), Plex can move from a live player of the personal media era to a streaming player installed on its own.
A large part of its goal is content discovery. Plex says that its mission is to use the viewing activity to give you TV and film recommendations. The more content it has to offer (whether free movies, live TV or rent), the more it can cater to its service to meet the needs of its 25 million registered users. It already has 240 entertainment deals in the bag for its growing ad-supported service with others such as Lionsgate, MGM, AMC and Crackle. But, adding main streamers can turn it into a true household name.