How Philo's CEO Is Putting Its Latest $40 Million Funding Round to Work
*By Madison Alworth*
Media company Philo recently closed a new $40 million funding round, part of which will be used to increase the OTT platform's visability.
"It will enable us to do a bigger marketing push than we have for the service in the past, " CEO Andrew McCollum said in an interview on Cheddar Tuesday. The goal, he went on to explain, is to "get the word out a little bit more broadly."
Philo also increased accessibility to the service by launching on applications on Apple TV and Amazon Fire TV.
"That helps a lot because it means more people can get Philo and watch it on their connected TV of choice," said McCollum.
Philo, which is also using part of its latest investment to grow its engineering and product teams, has raised over $90 million to date and is hungry for ways to stand out in the increasingly crowded OTT space.
Currently, the basic package from the skinny bundle provider costs $16 a month for 40 entertainment and lifestyle channels, and $20 a month for 49 channels. And despite a trend of increasing prices in the market, McCollum assured Philo's rate would remain the same.
"I don't know if I would call it a bait and switch, but some of these other services seemed to have launched with prices that they are having trouble maintaining," said McCollum. "We've always tried to take a very different approach, where we want to give customers a very low price and a really good value. And we also want to be able to stand behind that and have it be sustainable."
Currently Philo is available on Roku, Apple TV, Fire TV, and any Internet-connected computer or phone.
For the full segment, [click here.](https://cheddar.com/videos/philo-raises-additional-40-million-in-series-c)
Joe Pompliano, author of the Huddle Up newsletter, breaks down the biggest moments from Super Bowl LVIII, from potentially record-breaking viewership to Taylor Swift’s highly anticipated appearance.
David Wright, President and owner of Wright Financial Group, shares his thoughts on why the Federal Reserve seems hesitant to cut rates, and why regional bank stocks could help move the needle.
Disney and Fortnite-maker Epic Games will collab on making new video games with Disney characters. Hopefully it will be more than Mickey Mouse hitting the Griddy.
Hershey is cautioning on its 2024 profit growth as the company contends with rising cocoa costs, leading to increased prices for chocolate. The company anticipates its full-year earnings per share being relatively flat, partly due to higher cocoa and sugar costs.
Prince Harry has reached an out-of-court settlement with a tabloid newspaper publisher that invaded his privacy with phone hacking and other illegal snooping. Attorney David Sherborne said that Mirror Group Newspapers had agreed to pay Harry’ “substantial” costs and damages.
An attorney representing passengers of an Alaska Airlines flight that lost a door plug in midair says a “whistling sound” was heard on a previous flight of the same Boeing 737 Max 9.
