Taiwan’s live streaming giant 17 Media’s parent company, M17 Entertainment, has announced today (2nd August 2017) that it will receive a Series B funding of US$40M (NT$1.2B). The company plans to invest heavily in content creators, new content planning, developing Asian markets, and content production to create a more diverse entertainment ecosystem with abundant media content. They also aim to invest in content censoring, which may involve working closely with government agencies, to secure the brand’s position in the Asian market.
The institute leading the investment is Infinity Venture Partners (IVP). Other investing institutes involved in the Series A funding include Vertex Asia Fund, Yahoo Japan, Majuven, Golden Summit Capital, KTB Ventures...etc.
M17 Entertainment aims to invest heavily in Japan, Indonesia, HK
After receiving the funding, M17 Entertainment will partially invest the money in expanding overseas markets and training artists and will focus mainly on the developments in Japan, Indonesia, and Hong Kong. The company intends to create more in-depth, more culture-based content for each country, including new types of live streaming talk shows, variety shows, reality shows, and so on. Those who have an expertise in live streaming, music writing, and performing live are all crucial talents that the firm has been searching for. The company also plans to invest heavily in terms of human resources and funding to safeguard new media content alongside government agencies. In so doing, M17 Entertainment will secure its place in the Asian entertainment market and this goes on to show that the company has absolute faith in Taiwan, where the brand calls home.
Since June, 17 Media has produced its own live streamed shows on a massive scale, which drove up viewers’ average time spent on site to 45 minutes and helped the site reach 30M, which then led to the 1st GFA having over 1M average concurrent viewers, which was an incredible feat.
M17 Entertainment and KKBOX: Cross-platform mix of two entertainment giants to invest in Taiwan- and Asia-based content creators
M17 Entertainment co-founder and CEO Joseph Phua (潘杰賢) said, “17 Media’s huge success and rapid growth in Asia is the foundation that we have gained for being persistent over the last two years. Now, we are joining forces with KKBOX to connect and combine music and real-time comms, and together we will present passionate artists with more opportunities to shine.”
KKBOX CEO Chris Lin (林冠羣) said, “Live streaming is today’s hottest trend. As the leader of the live streaming market, 17 Media has already started to work on producing more original content. Supporting Taiwan’s original content is an ideal and a goal for both parties. KKBOX’s KKFARM and KKTV will collaborate with M17 Entertainment. Together, we will invest in original content and build a team that focuses on content productions. The content we created will be shown on KKBOX’s media platforms. We will also create a unique music production system, which will allow artists to be discovered more easily and offer amateurs a chance to become famous.”
M17 Entertainment’s ultimate goal: Introducing a new media generation
M17 Entertainment was founded on April 2017. Initially, the corporation mainly focused on merging new, original products in Asia, producing all-new content and services. However, according to Joseph Phua (潘杰賢), introducing a new media generation has always been his ultimate goal. The successful funding is able to quicken the pace in creating a new form of media entertainment, which is now showing optimistic and steady growth.
M17 Entertainment currently has operating branches in Taiwan, Hong Kong, Japan, Singapore, Malaysia, South Korea, and Indonesia. The company has a global staff count of 300, and it plans to continue its expansion in the Asian market.