Livepeer plans to use the funding to expand its market share. Here are the top-line bullets you need to know.
Livepeer, a decentralized video streaming network built on the Ethereum blockchain, has raised $20M in an extended Series B round that drew participation from Digital Currency Group, Northzone Ventures, Tiger Global Management, and Warburg Serres Investments, among others.
HOW’S THE COMPANY PERFORMING?
- New York-based Livepeer employs a marketplace model in order to connect encoding providers with app developers that require video streaming services.
- The company aims to reduce operating costs for online streaming and on-demand video applications by dispersing transcoding work to all participating computers on its network.
- The number of minutes streamed on Livepeer increased 6x over the course of 2021.
- The company acquired MistServer, a media server developed by video creators, in October 2021.
- The startup is currently supported by a team of 32 employees.
WHY DOES THE MARKET MATTER?
- The global video streaming market is expected to reach a value of $932.3B by 2028, growing at a CAGR of 12.1%, according to Fortune Business Insights.
- Enhanced connectivity and the increasing demand for streaming services are contributing to market growth.
- The rise in digital content consumption amid the Covid-19 pandemic has led to growth in this market as well.