Streaming TV platform Atmosphere receives funding at $1bn valuationTuesday, February 7th, 2023
Streaming TV Platform Atmosphere Raises Series D Round at a $1 Billion Valuation
- Current CEO Leo Resig to take new role of Chief Innovation Officer; Blake Sabatinelli to become new Chief Executive Officer
AUSTIN, Texas — Atmosphere, the worldwide leader in streaming TV entertainment for businesses, today announced a new $65M Series D funding round, led by Sageview Capital, Valor Equity Partners and S3 Ventures. This newest round of funding follows an $80 million Series C financing led by Sageview Capital completed in December 2021.
Atmosphere’s announcement comes as the company has more than doubled its customers in 2022. Currently, the company’s free ad-supported streaming TV platform provides short-form, audio-optional programming to over 60 million viewers per month across nearly 50,000 restaurants, bars, gyms, doctor offices, and other business establishments worldwide, including Burger King, Texas Roadhouse, Meineke and Snap Fitness.
“With this latest round of funding, Atmosphere will continue accelerating our growth and positioning ourselves as the leading television provider for businesses and venue operators in 2023,” said Leo Resig, co-founder and CEO of Atmosphere. “We are confident we have built an advertising platform that will reach audiences more effectively than both linear television and AVOD platforms, and are hugely encouraged that our investors are similarly bullish on our future growth.”
Atmosphere allows venue operators to elevate their space, operate with ease, and improve their bottom line. The award-winning content spans 60+ channels for all audiences, including viral videos with Chive TV and a suite of news channels including News, Sports, and Entertainment, all programmed for out-of-home viewing and able to be viewed on their own or incorporated into a playlist of varied content. The service also comes with added value tools that enable businesses to communicate with their customers to upsell and cross-sell. It’s delivered entirely for free to the venue, which allows customers to improve their bottom line compared to the expensive and less versatile business packages from cable and satellite companies.
Atmosphere is the first company to provide connected television (CTV) at scale outside of the living room, expanding the universe of CTV for national and local advertisers and engineering a reach equaling and, in some cases, exceeding traditional broadcast television. The platform delivers viewers engaged in a unique content experience, in varying contextual environments and geographical locations, all closer to the point of consumer purchase.
“The way customers consume TV in businesses has always been broken. The paradigms of television have been in flux for years and we saw the opportunity to create TV content and advertising specifically for businesses,” said John Resig, Co-Founder and President of Atmosphere. “Atmosphere is the perfect solution for advertisers who are looking to get in front of an increasingly unreachable TV audience.”
Advertisers who leverage Atmosphere’s reach see results. In March 2022, a pet food subscription box brand saw a 152% lift in brand opinion post-exposure on Atmosphere and an 83% ad recall among category users who saw their ads on the platform. And in April 2022, a restaurant brand seeking to increase awareness and digital orders in emerging markets saw a 50% lift in brand awareness with 67% customers indicating that they would order directly from the restaurant’s website over a third party app, a key component of the campaign.
Resig also announced that he will be taking on a new role as Chief Innovation Officer and Co-Executive Chairman alongside his brother and fellow Co-Founder, John Resig. The Resigs promoted Blake Sabatinelli as Chief Executive Officer, effective immediately. Sabatinelli joined Atmosphere as Chief Operating Officer in February of 2021 and previously served as CEO of Newsy (currently known as Scripps News) from 2018 through 2021.
“After a year where we doubled our customer count, continued to expand internationally, and realized a $1B valuation, I am looking forward to concentrating full time on the product and platform innovations that will continue to keep Atmosphere on this incredible trajectory,” said Resig. “Blake’s operational expertise and proven leadership capabilities will continue to keep us on course and poised for our next phase of growth.”
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