PublicVine, a Nigerian-founded online social video marketplace that enables video vendors and their consumers to connect, transact, and get paid, has secured US$5 million in funding in the United States (US).
Founder and chief executive officer (CEO) Nam Mokwunye said the platform will launch on June 6 and revolutionise video content distribution and use across the world.
He said the company is currently participating in video vendor registration (VVR) events from February to May for video vendors in Nigeria, South Africa and the US.
“What PublicVine will be doing is to present filmmakers, video vendors and consumers a marketplace for them to transact business. It is an online social video marketplace that enables video vendors and their consumers to connect, transact, and get paid. We have secured between US$5 million investment in the United States due to the potential that people had seen in it. PublicVine is pioneering a new innovation in online video distribution,” Mokwunye said.
“We have seen the local film industry grow astronomically and observed that latent potential for further growth. PublicVine believes that with our online marketplace, greater market can be created for the country as vendors get opportunity to own online distribution channels on PublicVine. This will create greater efficiency and also increase value for local video and film industry.”
In Africa, Mokwunye said the company is discussing marketing partnerships with telecoms that would make PublicVine available to subscribers, starting with South Africa and extending to other African markets.
Nam Mokwunye designed PublicVine while a visiting scholar at Stanford University in the US, and moved it to his hometown of Florence, Alabama, to catalyse a digital media renaissance in the birthplace of the “Muscle Shoals sound”.
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