Plex began as a home media organization startup and has evolved into a one-stop streaming media platform offering free ad-supported shows and movies, music, live TV channels, personal media streaming, and discovery tools. The company has been adding social features and plans to expand community capabilities and public pages for content owners. Plex announced a forthcoming TVOD marketplace to let users rent shows and movies from top studios. Management says ad-supported streaming now accounts for much of its revenue growth and the business is seeing rising engagement and usage. Plex reported ad revenue grew nearly 45% in 2023 and the overall business grew by about 30%; the company is on track for profitability by the end of 2024 or shortly after. Leadership also plans to pursue privacy-friendly data monetization initiatives that it expects could become a much larger opportunity over the next two to three years. Plex is a streaming media platform that provides free on-demand movies and TV, live TV channels, over-the-air broadcast access, personal media libraries, DVR and program guide features, music tracks, and podcasts. The platform offers over 20,000 free on-demand movies and TV shows, more than 150 free-to-stream live TV channels, over 60 million music tracks, and thousands of podcasts. Since launching ad-supported video on demand in 2019 and free live TV in 2020, Plex has secured more than 240 entertainment content deals with studios and networks including Lionsgate, Warner Bros. Domestic Television Distribution, MGM, Sony Pictures Television, Sinclair, AMC, A+E, Crackle, and the BBC. The company has over 25 million registered users in 193 countries. Founded in 2009 and led by CEO Keith Valory, Plex intends to use the new funds to further expand its business reach. Inclusive of this financing, Plex has raised over $60 million to date from investors including Intercap and Kleiner Perkins.

Total raised

$90M

Funding rounds

2

Latest round

Series C

Latest activity

Jan 2024