Canadian launch expected in late 2022
LOS ANGELES and TORONTO — New streaming service Struum, created by former Disney and Discovery executives, announced today it has finalized its Series A funding round led by Corus Entertainment.
Struum says it raised $7 million during the round, which also includes Gaingels, an investment syndicate that supports and represents the LGBTQ community and allies in the venture capital space, according to a press release.
The streaming service was backed initially by a multi-million-dollar investment from former Disney CEO Michael Eisner through his Tornante Company.
Struum launched a preview of the service in the U.S. at the end of May, (which we wrote about here, including the fact Struum is supported by Toronto-based Firstlight Media’s cloud-native OTT platform).
According to an email from a Struum spokesperson, the streaming service is targeted to launch in Canada in late 2022.
The new funding announced today “will enable Struum to continue to grow its content library, enhance its technology features, and begin to map out expansion of the service to consumers outside of the U.S. The additional funding comes as Struum expands the reach of the service beyond iOS to Android-based devices, Roku, Amazon Fire TV, and Apple TV,” reads the press release.
The Struum service aggregates content from more than 60 participating service and content partners, “providing viewers one central destination and a single monthly subscription to access a huge array of programming that serves their interests from across the increasingly cluttered global streaming landscape,” the release says.
The platform’s credit-based subscription model allows consumers to use their monthly credits to unlock only the film and TV episodes they want to watch, explains the release.
“Struum is at the forefront of innovation with its unique credit-based subscription service, backed by a talented team of senior executives with deep experience in the subscription video and content space,” said Doug Murphy, president and CEO of Corus Entertainment, in the release. “We are excited to be a part of this highly differentiated streaming product as both a lead investor and as Struum’s exclusive launch partner for the Canadian market.”
“My co-founders and I are thrilled to have Corus Entertainment invest in this round alongside Gaingels,” said Lauren Devillier, CEO of Struum. “Our early traction with consumers proves there is a strong interest and demand for a service like Struum. With continued support from Tornante and specifically, Michael Eisner and now Doug Murphy at Corus Entertainment, we look forward to reaching our goal of bringing more content to the service, expanding our platform reach and launching in more territories beyond the U.S.”
In the U.S., a monthly subscription to Struum costs US$4.99. Anticipated pricing for the Canadian service, once it launches, has not been announced.
