Venn Raises $26 Million to Become Gaming's MTV
Venn, a streaming platform aiming to become the go-to network for gaming enthusiasts—similar to MTV’s role in music culture—has secured $26 million in funding to expand its offering of video game-related entertainment and celebrity streaming content.
This latest round of financing was provided by Bitkraft, a prominent investment firm specializing in the convergence of gaming and virtual experiences, and also by Nexstar Media Group, a publicly held company that manages regional television stations and cable networks throughout the United States.
Nexstar’s investment provides Venn with an opportunity to extend its reach into traditional broadcasting, potentially bringing its programs to conventional television in numerous major U.S. cities. This addition complements Nexstar’s existing portfolio, which includes networks like CourtTV, Bounce, and Ion Television. According to a statement by Venn’s co-founder and CEO, Ben Kusin, the company operates more than 197 television stations and a network of websites attracting over 100 million monthly active users and generating 1 billion page views.
Thomas E. Carter, President, Chief Operating Officer, and Chief Financial Officer of Nexstar Media Group, stated, “VENN represents a new television network designed for the streaming and digital era, creating innovative content tailored to the millennial and Gen Z demographics who are passionate about gaming.” He continued, “The gaming and esports industries are experiencing rapid growth, and our investment will enable us to distribute VENN content across our broadcasting platforms to engage a younger viewership, leverage VENN for early access to gaming-related content, and offer local and national advertisers unique broadcast and digital marketing opportunities to connect with this demographic.”
The extent of Venn’s appeal to younger viewers remains to be seen. Currently, the company’s YouTube channel has 14,000 subscribers, while its Twitch channel has a slightly larger following of 57.7K subscribers. However, the streaming network is still in its early stages, having only begun broadcasting its initial programs in September.
Since its launch just over a year ago, Venn has successfully recruited experienced leaders from Viacom’s MTV and MTV Music Entertainment Group—the model that the gaming-focused streaming network is emulating. This includes Jeff Jacobs, formerly the senior vice president for production planning, strategies, and operations at MTV’s parent company (Viacom), and recently an independent producer for Viacom, the NBA, Global Citizen and ACE Universe.
Venn is presently accessible through its official website and a variety of streaming platforms, as well as through partnerships with The Roku Channel, Plex, Xumo, Samsung TV Plus, and Vizio.
The company has also established initial brand collaborations with prominent companies such as Subway, Draft Kings, Alienware, Adidas, and American Eagle.