Megogo plans to attract USD 20-30 millions
European streaming service Megogo has announced that it is preparing to go public on the Nasdaq. Before the geopolitical conflict, the company’s valuation was between 800 and 900 million dollars.
According to Fedir Drozdovskiy, one of the owners of the streaming platform, Megogo was planning an IPO in the summer of 2022. At the same time, preparations for the listing had been underway since 2019, and by 2021 the company had prepared all the necessary reports, including PCAOB documentation. The next step was to be an audit of the company by a representative of the stock exchange. However, the geopolitical conflict in Megogo’s home country changed the plans. Despite the difficulties, in 2023, the company returned to preparing for the IPO and is now gathering the necessary documentation.
The main purpose of the listing is to raise capital to expand the business. The company intends to use its platform to enter new markets and expand localisation.
In addition to the IPO, Megogo is considering an investment round as another option for raising funds. The goal is to attract around USD 20-30 millions to launch the service in 10-12 countries.
Megogo business overview
Megogo, founded in 2011 in Kyiv, is currently present in 14 countries. By 2022, the number of streaming clients was more than 1.5 million users. In 2023 this number is about 250 thousand people. The service offers the possibility of watching TV channels and films. It also broadcasts sports events and provides access to audio content.
The platform is available on mobile devices, Smart TV, Apple TV and Android TV applications. You can also use the service on game consoles, computers and cars.
Megogo development milestones:
– 2012 – the company opened representative offices in Belarus and Lithuania. At the same time, the service became available for Smart TV and iOS and Android devices;
– 2014 – streaming became available in the Czech Republic and, two years later, in Slovakia;
– 2015 – the launch of Megogo-TV; a year later, the company had its animated series;
– 2020 – the company started producing audiobooks. In addition, Megogo launched educational projects and began to develop a games division;
– 2021 – Megogo opened a film music studio;
– 2023 – the company opened a representative office in Warsaw.
The service offers content from global film companies in multiple languages. The streaming library includes projects from the BBC, Discovery, Paramount Pictures, Walt Disney and more. The company also produces its own projects: holiday musicals, social and educational programmes.