Streaming TV Platform Atmosphere Raises $1 Billion Series D Round
Atmosphere, a provider of streaming TV entertainment for businesses, today announced a new $65 million 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.
Leo Resig, Atmosphere co-founder and CEO, said: “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.
“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-plus 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 says it 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.”
John Resig, Atmosphere co-founder and president, said: “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. Atmosphere is the perfect solution for advertisers who are looking to get in front of an increasingly unreachable TV audience.”
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 to chief executive officer, effective immediately. Sabatinelli joined Atmosphere as chief operating officer in February of 2021 and previously was CEO of Newsy (now known as Scripps News) from 2018 through 2021.
Resig said: “After a year where we doubled our customer count, continued to expand internationally, and realized a $1 billion 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. Blake’s operational expertise and proven leadership capabilities will continue to keep us on course and poised for our next phase of growth.”