AOL spinoff StudioNow, a digital-video-creation company that matches content producers with enterprises that need their services, announced that it has raised $5 million in a Series B round. It has also made four key hires to round out its executive team, all veterans in the finance, media and Web arenas.
The key niche for StudioNow is providing low-cost, high-quality digital-video-production services to both SMBs and large enterprises. Customers can create, store, manage and distribute their content. It also works with a network of freelance content-production specialists (filmmakers, editors, animators, writers, voice talent and so on), which enterprises can draw on to affordably produce digital videos.
The Nashville-based company, which is expanding to offices in New York and San Francisco, boasts more than 50,000 videos created. Its Fortune 500 customers include Bank of America, IBM and Toyota, along with media and entertainment heavyweights such as CBS, Disney, Fox Sports and of course former parent company AOL.
Rob Tanner, formerly an executive at Gaylord Entertainment, has been brought aboard as chief financial officer. Michael Thompson, a sales, marketing and business-strategy expert, is now chief revenue officer.
Media-industry veteran Rob DeMillo, formerly of Revision3 and Discovery Digital Networks, is taking on the role of chief technology officer and will lead StudioNow's new San Francisco office. And Kelly Metz, a veteran technology-industry manager who's held positions at Yahoo, Adobe and Oracle, is taking on the role of VP of business development.
StudioNow has taken a slightly weaving path. Started in 2007, the service was acquired in 2010 by AOL for $36.5 million--part of AOL's initial drive to become an online-video powerhouse. However, in 2013 the company was spun out of AOL, with StudioNow's founder and CEO, David Mason, and investor Claritas Capital leading the deal.
"Our decision to re-establish StudioNow as an independent company and invest in our platform and tools, an expanded management team, and new offices, shows the confidence that we have, and our investors have, in the StudioNow marketplace and community of creators, agencies, and brands," said Mason in a prepared statement.
FCA Venture Partners led the latest fund-raising round, with participation from Claritas Capital.
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