JumpTV, a provider of television for ethnic minorities over the internet, has listed on London's Alternative Investment Market, raising £31.4m.
The company, valued at £87m in the flotation, offers subscribers more than 190 television channels from more than 60 countries. This has grown from five channel partnerships in May 2005. The channels receive a proportion of JumpTV's subscription and advertising revenues for agreeing to supply the content, which is broadcast live. The idea is to provide expatriate communities with access to their home countries' television channels.
G Scott Paterson, chief executive of JumpTV, said: "We believe in the long tail of the internet and that content is king. To this end, we have been focused on creating exclusive internet broadcasting partnerships with leading television channels around the world in order to deliver their content to immigrant communities living abroad."
The company will use the proceeds of the offering to fund the roll-out of its services and the expense of marketing it to consumers. It also said that the money may be used to make acquisitions. JumpTV is exploiting the growth of high-speed internet connections across the world, which make it viable to broadcast television over the Net.
Mr Paterson said: "JumpTV is poised to begin to aggressively market our offering worldwide with an emphasis on the North American and western European markets."
JumpTV also listed, simultaneously, on the Toronto Stock Exchange. The shares started trading yesterday. In London, they closed little changed at 262.5p against the falling market.Reuse content