US internet TV service Pluto TV has received $5 million in funding from Samsung Venture Investment Corporation, the venture capital arm of the Samsung Group.
With participation from other investors investment in the company total $8.3 million. The funding will be used to further expand Pluto TV’s product, content and marketing efforts.
“Samsung is the global leader in the TV market, changing the way people experience entertainment through constant innovation,” said Tom Ryan, CEO of Pluto TV.
“Their investment in Pluto TV is a great vote of confidence in our mission to bring free Internet television to consumers everywhere.”
“Pluto TV is the leading free Internet TV service in America and we see huge potential for the company as they scale their cutting edge offering to viewers around the world,” said Jihong Kim with Samsung Venture Investment Corporation.
With over 100 live channels and an on demand offering, Pluto TV has partnerships with major TV networks, movie studios, publishers, and digital media companies, is free to view and offers content like live sports, news, and unique thematic channels not available to subscribers of traditional pay TV services, skinny bundle services or subscription video on demand (SVOD) services.
Pluto TV has also been growing, announcing over 40 content partnership deals this year alone. including Warner Bros, Lionsgate, Metro-Goldwyn-Mayer (MGM), Bloomberg, Al Jazeera English, Cheddar, Gravitas Ventures, Asylum, Viz Media, Electronic Music Awards, Big Sky Conference, Stadium, Jukin Media, and JASH.