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Unlimited * Subscribe Subscribe to Inc. Magazine Inc. Unlimited * Subscribe Subscribe to Inc. Magazine * Watch * Guides Follow: * * * * * Inc. Unlimited * Subscribe Subscribe to Inc. Magazine * About * Staff * Columnists * Help Center Follow: * * * * * Lead Upstart Media Server Streamer App Plex Raises $40 Million to Expand and Compete With Tech Giants Plex is known for its media streaming software, but as it expands to become a one-stop shop for video, it has Netflix and Apple in its sights. * * * By Kit Eaton@kiteaton Jan 30, 2024 [GettyImages-944229666_536916_l1jvkc] Photo: Getty Images Plex got its start as an app that organized digital media, like family videos on different phones, then streamed them over a network to a screen, on a television or tablet. Plex has evolved and is adding new capabilities on its path to becoming a one-size-fits-all option for watching online videos. This includes recently announced plans to stream rented TV shows and movies. Plex began calling itself a "TV concierge," and the small Los Gatos, California-based company has raised $40 million in an effort to shore up its growth and achieve profitability. TechCrunch reports that the new investment is effectively an insider effort that includes current investors like Intercap and Kleiner Perkins. Plex was impacted by the same ill winds that blew across the streaming video industry, forcing it to lay off some 20 percent of its staff in mid-2023, but the company's ad revenues actually soared by 45 percent that year. Audience engagement and usage have also been rising. It's this positive backdrop that's likely giving Plex's backers confidence, leading to the new round to pursue the goal of profitability in 2024. Plex's one-stop shop combines free streaming live TV with other services like ad-supported movie streaming and even curated advice on watching shows and movies on other platforms. There's even a social media aspect to Plex, so users can chat about things they like to watch. Plex monitors exactly how its users search for and find and view media on different streaming services-including its own. The company has found a way to monetize that data, Plex CEO Keith Valory explained to TechCrunch, while focusing on user privacy and without using any personally identifiable data. The company's success in getting serious money from big investors is interesting, and shows that a smaller company with only around a hundred employees can hold its own in a high-tech, high-stakes market dominated by big names. These names include global giants like Netflix and Amazon, whose successes in video streaming are well known. But these large firms are also capable of making mistakes. Such as Amazon's masterclass in how not to message customers about how their app experience is going to be downgraded by embedded ads. And Netflix's recent crackdown on password sharing, though successful in driving up revenues, is also much hated by its users and is arguably a privacy invasion, of sorts. In the light of these missteps, Plex's focus on consumer-pleasing data privacy seems like a smart move. This media streaming David is perhaps taking a hint from Apple, a privacy-obsessed tech and media Goliath. A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta This site is protected by reCAPTCHA and the GooglePrivacy Policyand Terms of Serviceapply. Privacy Policy Sponsored Business ContentDianomi logo * Privacy policy * Notice of collection * do not sell my data * Ad vendor policy * terms of use * Advertise * help Center * sitemap COPYRIGHT 2024 MANSUETO VENTUREScopyright policy logo