By Sahil Patel
Multi-channel networks on YouTube are still trying to figure out how to make money on and/or off the world’s biggest video site. But that’s not stopping big media players from investing in these companies.
The latest YouTube-based media company to receive a cash infusion is Base79, a European MCN that claims to generate more than 650 million views a month across over 800 channels, including five original channels as part of YouTube’s programming initiative in Europe.
The money comes from Evolution Media Growth Partners, the investment arm of Evolution Media Capital, which is partly owned by CAA. The exact amount of the investment was not disclosed. Though this isn’t the first time Base79 has secured money from a major Hollywood name. Per The Wrap, last year Base79 received $10 million from The Chernin Group.
Base79 plans to use the new capital to launch more owned and operated channels, expand its presence in Europe, and invest in new technologies.
Base79 actually started out as a tech-based MCN. The company would help content owners identify their IP on YouTube and help them monetize those clips. Its content partners include the likes of BBC Worldwide, IMG, and Guinness World Records.
Now Base79 wants to move more into producing original content, which is not unlike a certain US-based MCN that has also received money from The Chernin Group.