Comcast buys ad supported free streaming service startup Xumo for over $100 million
Comcast has agreed to buy Xumo, a Los Angeles-based tech startup and a provider of advertising-supported free streaming service that comes pre-installed on smart televisions. The interest in the 9-year old Xumo stems from its partnerships with smart television manufacturers and streaming technology. The financial terms of the acquisition were not disclosed
However, people familiar with the matter said Comcast paid more than $100 million for the company, which has 55 employees and about 10 million monthly active users through the company’s preferred placement on smart TVs. Xumo will operate as an independent business inside of Comcast.
Founded in 2011, Xumo seamlessly delivers over-the-top (OTT) and video-on-demand (VOD) content direct to consumers through smart TV, mobile and desktop applications. XUMO brings consumers premium digital and broadcast content via applications that are fully equipped with content recommendations, curated programs and dynamic ad insertion capabilities. Leveraging technological advancements through which living room devices have become both connected and aware, Xumo offers multiple ways to reach and engage with consumers within the home.