Rumor: Online Video Platform 'Mango TV' to Raise Series B
PE Daily, 11/16/15
Changsha-based Kuaile Yangguang Interactive Entertainment, operator of online video platform Mango TV, is reportedly undergoing its second round of funding and has solicited investments from various companies totaling RMB 20 bln, according to a source familiar with the matter, but the company will only choose a few investors to participate in this round. The information revealed is based on discussions held during Kuaile Yangguang's second investor meeting in Changsha on November 10, where over 40 companies were in attendance.
Mango TV can be viewed via PC, mobile device, and Internet TV set. All 3 platforms have already surpassed 30 mln average daily users and receive over 100 mln daily video views. Additionally, the mobile client has accumulated over 200 mln users. 2015 annual revenue is expected to approach RMB 1 bln.
In June 2015 Kuaile Yangguang received RMB 500 mln in Series A funding. The company is a subsidiary of Hunan provincial radio and TV media operator Hunan Broadcasting System.
Editor's Note: For more information on this topic, please see "Hunan TV's Online Video Platform 'Mango TV' Wins RMB 500 Mln Series A," MD 6/09/15 issue. Kuaile Yangguang is a subsidiary of Mango Media, which, in turn, is a subsidiary of Hunan Broadcasting System. Hunan Broadcasting System also operates popular satellite TV channel Hunan Satellite TV, from which Mango TV sources the majority of its content.
Keywords: Internet funding online video Hunan Satellite TV Series B Mango TV
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