The Mark Cuban-backed streaming app Fireside will soon be available on the TV's big screen. Fireside confirmed the acquisition of the open streaming TV platform Stremium, which will allow Fireside's shows to become available to a range of connected TV devices.
The deal terms were not made public. Cuban did not make a public comment.
The deal was for a combination of intellectual property and talent.
The full team and intellectual property of Stremium has been acquired by fireside. The acquisition will help Fireside accelerate delivering on being the only platform that turns creators, celebrities, brands, and intellectual property owners into the studio, networks, and streaming services of the future. There will be more major announcements on this front.
Fireside was launched just over a year ago at a time when demand for live entertainment as well as a growing number of startup that cater to the creator economy was on the rise.
The startup gained traction due to a differentiated feature set that also prioritized video content. Fireside's shows could be streamed live to its app, recorded, saved, or even broadcast to other networks. Fireside's end-to-end content production experience includes audience engagement tools, as well as other features to aid creators with promotion, editing, measurement, distribution, monetization, and audience growth. The company had been looking at web3 technologies.
Fireside was co-founded by Cuban, early employee of Yammer, and Falon Fatemi, who sold her last company to SugarCRM.
Fireside will be able to offer a second screen experience where the audience can use their phones to engage and interact in real-time while watching on their TVs, according to Fatemi.
Fatemi said, "Imagine watching a live cookalong show with your favorite chef simultaneously on your TV and your phone where you can interact and get invited to speak directly to them and even show them what you are cooking from the palm of your hand." She said that Stremium's infrastructure would allow creators to distribute their shows across both mobile and TV. Stremium said the letter was accurate.
Fireside was in talks to raise a Series A that valued its business at $125 million, according to a report. Fireside hasn't made a formal announcement about raise, investors, or its valuation after the round closed. Fireside is adding more investors to the deal and it will detail the fundraise soon. It is possible that the funding helped pave the way for this acquisition.
Other investors in Fireside include the Chainsmokers, HBSE, Goodwater, Animal Capital, and former NBA star Baron Davis, among others. Fireside had raised $8 million.
Stremium was working on a service that would allow consumers to aggregate all their favorite channels using their TV Everywhere credentials and use a cloud DVR. A number of free channels were included. The service faced an increasingly competitive landscape where there are many ways to watch free streaming. The number of people with cable TV logins for Stremium is decreasing.
Fireside is confirmed on the Stremium website. As a result of the deal, Fireside wants to release its TV product next year.