Leading TV games platform has closed a $5 million Series A financing round with backing from GameStop Digital Ventures, Adobe Ventures, Endeavour Ventures, and London Venture Partners.
SAN FRANCISCO, CA, PlayJam, the world's leading TV games platform, has closed a $5 million Series A financing round with backing from GameStop Digital Ventures, Adobe Ventures, Endeavour Ventures, London Venture Partners and a number of game industry luminaries.
PlayJam operates a global TV games platform that is distributed via leading connected TV brands including Samsung, LG, Panasonic and Sony, who combined, dominate the sector with more than 50 percent market share. Consumers access PlayJam at the touch of a button on their remote control, gaining instant access to a complete casual and social games experience. The investment will be used to fund further growth into Asian and US markets whilst the connected TV sector continues to experience significant global expansion.
2011 has seen the proliferation of connected TV, with recent studies forecasting an installed base of more than one billion devices by the end of 2015. Connected TV connection rates of 75 percent have been achieved in key markets by the leading manufacturers, demonstrating mass-market consumer demand for internet-connected services on television. Games have quickly become a key content driver, accounting for 38 percent of all app downloads, the largest share of any genre. This places PlayJam at the heart of an industry where games rival both music and movies in the digital home.
PlayJam has extensive experience of monetizing games on TV, having generated over 6 billion downloads in the last five years on Pay TV platforms. More than 50 percent of PlayJammers go on to pay for content and stay engaged for an average of 23 minutes per session. Unique repeat games purchases per month run at 4.8. Early indications show similar monetization rates alongside additional revenue opportunities for gameplay on connected TV platforms.
Working with Adobe¬®, PlayJam will aggregate Adobe¬® Flash¬® based 2D and 3D games for TVs from a wide range of game developers for distribution via its global games network. The company has recently announced content partnerships with renowned brands such as Slingo, Puzzler and Relentless, the company behind the hugely successful Buzz franchise.
PlayJam's open architecture platform provides game developers with an advanced tool-set to enhance, promote, monetize and distribute content via connected TV. Features such as billing, leader-boards, tournaments and integration with third party social networks and TV programming can be seamlessly integrated via PlayJam's SDK, scheduled for launch in Q2 2012.
Adobe, one of the world's largest software companies and a key innovator in the connected TV space, provides industry-leading tools to deliver entertainment apps including rich games and premium video across more than 100 digital home devices certified for Adobe Flash and AIR¬®.
"There is a growing market for delivering rich casual and social games to connected TVs and further the virtual console concept on the largest screens in the home," said Emmy Huang, group product manager, Gaming at Adobe. "We are delighted to support PlayJam as they pioneer new Flash-based gaming experiences across TVs using AIR."
The world's largest multichannel video game retailer, GameStop is focused on next generation platforms for the delivery of premium games. "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."
Adds Jasper Smith, CEO of PlayJam, "TV occupies a unique place in the hearts and minds of over 4 billion people globally. In terms of total media consumption, TV dominates and its potential is unparalleled for games. Working with leading innovators such as Samsung, LG, Panasonic and Sony alongside our new investors Adobe and GameStop Digital Ventures, PlayJam is uniquely positioned at the forefront of this new and exciting opportunity."
PlayJam is the leading social games platform for TV. With hundreds of games, millions of players and operating across all major TV brands PlayJam has created a global footprint for its content and services for an ever-growing population of PlayJammers.
PlayJam provides games developers with a global TV distribution network, spanning all major TV vendors and up to 100 territories and an advanced social tool set that enables them to create deeper, stickier games so that audiences want to play again and again.
PlayJam has 11 years experience in monetizing games on TV. We have developed over 500 of our own games and delivered around 6 billion game downloads. Our efforts are focused on forging long-term distribution agreements with TV manufacturers and developing the tools, infrastructure and services required to monetize TV content, allowing developers to concentrate on creating amazing games. Come and join us at http://www.playjam.com
GameStop Corp. (NYSE: GME), a Fortune 500 and S&P 500 company headquartered in Grapevine, Texas, is the world's largest multichannel video game retailer. GameStop's retail network and family of brands include 6,582 company-operated stores in 17 countries worldwide and online at www.GameStop.com
. The network also includes: www.Kongregate.com, a leading browser-based game site; Game Informer(R) magazine, the leading multi-platform video game publication; Spawn Labs, a streaming technology company; and a digital PC game distribution platform available at www.GameStop.com