[Funding alert] Jet Media Network raises $2.5M in seed round led by Los Angeles Media Fund
Digital publishing company Jet Media Network, a wholly-owned subsidiary of digital entertainment and technology company, has announced that it has raised $2.5 million in a seed round.
The funding was led by Los Angeles Media Fund and saw participation from 10X Capital, US-based investment syndicate Gaingels, Spivy Private Capital, and Equinox Systems, apart from parent company JetSynthesys.
Jet Media Network will use the funding to expand its influencer base beyond athletes to add musicians, actors, gamers, and public influencers apart from investing in product development.
Founded in 2020 as part of digital entertainment and gaming company JetSynthesys, Jet Media Network helps celebrities interact directly with fans and helps them capitalise through the creator economy.
The direct-to-fan platform offers exclusive content, auctions, social media aggregation, ecommerce, and Non-Fungible Tokens (NFT) for digital collectibles.
The platform creates communities of fans where users can select the interest group and can view relevant content.
“The investment demonstrates the shift in direction and change in appetite for celebrities to have greater ownership over their brand and content, and in essence, to become their own publisher. It also
demonstrates the belief that Jet Media Network has the right technology, strategy, and leadership in place to succeed," said Jesper Schertiger, CEO and Co-Founder of Jet Media Network.
Why it is relevant
Direct-to-fan marketing by influencers and celebrities has gained relevance in recent times as online consumers are willing to pay creators directly.
Facebook Group-owned Instagram has been testing out a monthly subscription feature for users to get access to exclusive videos and content. Earlier this year, Twitter launched Twitter Blue for users to organise tweets and an undo option. The company also launched its Tip Jar feature for users to send and receive money.
US-based fan engagement platform Cameo was valued at $1 billion earlier this year and is backed by the likes of Google, Amazon and SoftBank.
Indian short video app Chingari launched the $GARI programme in October 2021 for content creators to create their own ecommerce space and NFT offerings.
In 2020, JetSynthesys raised Rs 300 crore from existing shareholders, including Kris Gopalakrishnan, family office of Adar Poonawalla, and Navani family-owned Jetline Group among others, to strengthen its gaming, digital entertainment and social community platform play.