OTT provider Magine TV Deutschland separates itself from Swedish parent company Magine Holding AB to operate as an independent company in the German market.
The new independence and agility will make it easier for Magine TV to enter strategic cooperations with local partners and investors, according to a statement.
The new structure of the international Magine Group and the partnerships implemented over the past eight months have already had an impact: Magine TV increased its revenues by around 40% in Q1 2018, the by far highest growth rate achieved since its launch in Germany in April 2014.
“The OTT transformation in Germany is heating up in Germany. The new start-up Magine TV will help drive consolidation in a rapidly developing market,” said Dr Ambuj Goyal, CEO of Magine Holding AB. “Magine TV is the ideal agile partner in the TV streaming market to further expand a clear platform with extensive, professionally produced and high-quality content.”
The split from the parent company follows the announcement of the closure of Magine TV’s Swedish consumer service in May 2017.