Global TV games platform PlayJam has secured $5 million in Series A financing from GameStop Digital Ventures, Adobe Ventures, Endeavour Ventures, London Venture Partners and individual investors. The investment will be used to fund the startup’s further growth into Asian and U.S. markets.
PlayJam reports it has generated over 6 billion downloads in the last five years on Pay TV platforms, with more than half of those consumers opting to pay for content and stay engaged for an average of 23 minutes per session. The company said that early indications are that PlayJam will do as well or better on connected TV platforms, where latency is much less of an issue and there is potential for additional features and revenue streams.
“The investment in PlayJam is an important step to understanding the potential of the connected TV sector,” said Chris Petrovic, managing director of GameStop Digital Ventures. “PlayJam has gained an early lead in the development, distribution and monetization of games on TV and we look forward to working closely with them to develop the opportunity further.”
PlayJam collaborates with Adobe to aggregate Flash-based 2D and 3D games from a wide range of game developers. The company has recently announced content partnerships with brands such as Slingo, Puzzler and Relentless, the company behind the hugely successful Buzz franchise, and PlayJam intends to release its SDK in the second quarter of 2012.
Press release – http://tinyurl.com/3tcyhyg