The famous African video on demand company, IrokoTV has received new investments amounting to $2million and now wants to venture into cable television.
According to Reuters, Iroko Patners, the owners of Iroko TV received the funding from a Swedish venture capitalist Kinnevik. The TV company is now looking to tap into the US and Europeans market through the cable TV. The venture firm was also one of the investors in the world leading group-buying website Groupon Inc.
Iroko TV reported to have over 500,000 registered users since its launch in November last year.
Most of its revenue is through advertising although the company has introduced paying accounts for $5 per month for the premium account.
Jason Njoku hit the headlines when he launched various media streaming services including IrokoTV for movies and Ikoring for music. The services have attracted attention within and without Africa.
The move to embrace cable TV avenue in the Western market is because majority of its traffic come from outside Africa, mainly the Africans in the Diaspora, according to reports.
IrokoTV had put up in a fast growing film industry, third in the world. Nigerian film industry pegs a spot as the world’s third largest movie market, in terms of movie releases.
