Around the Fireside
Fireside, an app that bills itself “the first interactive streaming platform that invites you to be part of the show” just raised a $25 million Series A round. The Mark Cuban-backed venture now boasts a post-money valuation of $138 million.
The latest round includes strategic investors like Paris Hilton and has already attracted high-profile creators, including Jay Leno. Dell (DELL) CEO Michael Dell, comedian Craig Kilborn, and Entourage creator Doug Ellin are also part of the build-out.
The funding was confirmed through Fireside’s recent investor update, which also shed light on the app’s interactive streaming technology for smart TVs. Stremium, a platform acquired by Fireside last November, will allow Fireside’s shows to be broadcast to a range of devices, including Amazon Fire TV (AMZN), Roku (ROKU), Apple TV (AAPL), and other smart digital media players.
The app’s primary feature is its interactivity. Similar to an Instagram Live (META) stream, users will be able to watch videos alongside others and react in real-time. Effectively, Fireside takes the experience of a viewing party and makes it virtual.
Fireside has been compared to interactive audio platforms like Clubhouse and Twitter Spaces, but its scope goes beyond those. For one thing, Fireside is primarily focused on video. Plus, shows on the platform can be recorded, saved, and simultaneously broadcast across multiple social media networks.
Best of Both Worlds
Fireside amounts to a bet on the rise of streaming and the so-called creator economy. It’s also a bet that, eventually, they’ll become the same thing.
Unlike Netflix (NFLX) or Disney+ (DIS), the app plans to provide audience engagement tools and monetization features for creators. But, unlike TikTok, Instagram (META), or even YouTube (GOOGL), Fireside content is meant to be watched on the TV.
The company said its goal is to reach profitability this year, then analyze next steps, potentially including international expansion. First, it will have to officially launch — and you’ll know it has when your next fireside family movie night is fully virtual.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.