Raine Ventures Leads $ 4.2 Million Into Subscription Analytics Startup Antenna (Unique) – The Hollywood Reporter
Antenna, a startup that provides subscription business analysis, has raised $ 4.2 million in seed capital led by Raine Ventures.
Launched in February amid a boom in direct consumer entertainment services, the antenna is based on the hypothesis that new metrics are needed to identify the winners and losers of the streaming wars. The company uses customer transaction data to provide insights into a service’s growth, churn rates, and retention.
Although the company didn’t plan to start just before the coronavirus pandemic, it was able to capitalize on the surge in streaming consumption that occurred as people were spending more time at home. “We saw incredible momentum in the marketplace,” said co-founder and CEO Rameez Tase, who co-founded the company with co-founder and chairman Jonathan Carson. “A lot of the trends that we thought would last three to five years seem to last zero to a year.”
Antenna hired nearly a dozen clients in the first 10 months. Interest is not only coming from the entertainment industry, Tase says, but also from other sectors hit by subscriptions like gaming, audio, health, wellness, and education. According to Tase, fundraising the 12-person antenna will help build a scalable Insights platform that can serve a wider range of customers and provide deeper insights to existing customers.
Raine has invested in a number of media companies over the years, from Vice to Tastemade to Cheddar. “Antenna’s metrics are unrivaled in the market and in a short space of time the company has become the new industry standard for subscription data,” said managing partner Gordon Rubenstein in a blog post from Antenna announcing the fundraising. “Any modern subscription business would benefit from Antenna’s insights.”
The company’s round also includes a group of angel investors from the media world including strategist Matthew Ball. “It’s easy to be too smart about subscription strategy. These companies are won through LTV and through Gross Premiums, ARPU, Churn.” and combating distribution agreements, “Ball said in a statement. “Antenna provides first-class insight into these metrics and their impact on decisions like D2SVOD (Wonder Woman) or PVOD (Mulan) and is backed by a team that has excelled in the history of growth analysis.”