Atmosphere, a TV entertainment platform spun out of the Chive Media Group, announced this week that it has raised $10 million in funding.
The Austin-based startup plans to use the funding to further the distribution of its TV platform, on technology, data and monetization, according to a news release.
Atmosphere is like a Netflix-type platform offering different channels of entertainment programming to bars and restaurants and other establishments, said Charlie Plauche, partner with S3 Ventures. It curates, licenses and produces the videos from content creators.
S3 Ventures, based in Austin, led the Series A investment round with participation from Capstar Capital and other local angel investors. Plauche is also joining Atmosphere’s board of directors as part of the deal.
Resignation Media, which owns TheChive.com, moved to Austin in 2013 from California. Brothers Leo and John Resig founded the company in 2008. It has 113 employees, according to an interview with Entrepreneur Magazine in March.
“I was interested in them because I believe the current video options in bars and restaurants outside of live sports is often very limited with closed caption talking head video that is not engaging,” Plauche said. “I believe it’s the future of how restaurants will entertain their patrons.”
Atmosphere provides “ambient TV” or audio-optional content to businesses. Its Chive TV is currently streaming at more than 4,300 restaurants, bars, gyms and other venues. It is installed in hundreds of locations in Austin. The platform also lets businesses run promotions on their TVs to engage their customers. Chive TV launched in 2017 and has grown by 170 percent annually since then adding 450 new venues a month, according to a news release.
“As a society, people are migrating to urban areas and are growing increasingly mobile, with 70% of our waking hours now being spent outside the home,” Leo Resig, CEO of Atmosphere said in a news release. “There are screens everywhere with sub-par content. We are helping business establishments take control of their screens with content that’s superior to current programming options that are designed for in-home viewing with audio—leading to improved customer experience, increased visitors and dwell-time.”
Atmosphere gets revenue from subscription fees and advertisements.
