The deal stands out amid a lot of gloom and doom surrounding digital media and is a validation of ad-supported media when others are pivoting to subscriptions.
Jon Steinberg grew Cheddar, which just sold to Altice USA for a healthy $200 million, by betting on the rise of ad-supported live streaming TV.
"It's a great result for the digital video world," said Peter Csathy, founder and chairman of media consulting firm Creatv Media."It underscores the importance of live streaming. Live streaming is now front and center for media companies and the brands that support them. The level of engagement is deeper than on-demand streaming. This is the audience the brands and advertisers want to reach. And it's news for millennials, by millennials.
Other digital media startups saw their businesses tank when Facebook ended live video funding and distribution for media companies. The rise in streaming and other distribution services helped Cheddar recover from the loss of Facebook video funding.
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