TV Everywhere International - Volume 13 No 2 TV EVERYWHERE_Vol 13 No 2

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TV Everywhere
I N T E R N A T I O N A L
VOLUME 13 NO 2
Roku files for $100m IPO
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treaming device specialist Roku has filed
for an Initial Public Offering, looking
to raise up to $100 million (€84.3m).
The company’s principal shareholders include
Twenty-First Century Fox, Fidelity, and Menlo
Ventures. The IPO will be underwritten by
Morgan Stanley, Citigroup, Allen & Company,
RBC Capital Markets, Needham & Company
and William Blair.
In the Prospectus, Roku describes itself
as having pioneered streaming to the TV.
As of June 30th, 2017, it had 15.1 million
active accounts, pointing out that in
comparison the fourth largest multichannel
video programming video distributor in the
United States had approximately 13.3 million
subscribers. “We believe all TV content will
be available through streaming,” says the
company.
Its users streamed more than 6.7 billion
hours on the Roku platform in the six months
ended June 30, 2017, 62 per cent growth from
the six months ended June 30, 2016. According
to Roku, TV streaming’s disruptive content
distribution model is shifting billions of dollars
of economic value.
According to Roku, content publishers and
advertisers win with Roku because its large and
growing user base simplifies their access to the
fragmented and complex OTT market, with
Roku providing them with direct to consumer
engagement and monetisation opportunities,
and that as a pure play, neutral TV streaming
platform, it is better able to serve content
publishers compared to other platforms that
have diversified business operations and
competitive content offerings.
In the six months ended June 30th, 2017,
it generated revenue of $199.7 million, up 23
per cent from $162.3 million in the six months
ended July 2, 2016. In fiscal 2016, it generated
revenue of $398.6 million, up 25 per cent from
$319.9 million in fiscal 2015. In fiscal 2016 its
net loss was $42.8 million and its Adjusted
EBITDA was $29.9 million.
In a covering note, president, chief executive
officer and chairman Anthony Wood says “Our
mission is to be the TV streaming platform
that connects the entire TV ecosystem. We
connect consumers with the content they love.
We help content publishers find their audience
and make money,” adding that he believes the
TV ecosystem is at a tipping point, and that he
couldn’t be more excited about what the next
15 years of transformation and disruption will
bring.
HALL 14
HALL 14
KONTRON BOOTH J20
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