Philo Has Raised $40 Million and is Expanding Device Coverage

Have you heard of the streaming service Philo? If you haven’t, that’s all likely about to change. Philo first launched in 2009 and has since gained the backing of Facebook co-founder Andrew McCollum, Mark Cuban, and even HBO. Philo bills itself as a streaming cable replacement which offers over 40 streams of live cable network in addition to on-demand content. Today, the service streams channels from the A&E Networks, AMC Networks, Discovery Inc., and Viacom. Recently, Philo announced that it has raised $40 million in new capital and recently expanded its list of supported devices. Could Philo be the next big name in streaming?

It’s hard to say. Philo does have some setbacks. For one, the streaming service offers no sports content. While it might not be a full-on cable killer yet, the amount of fundraising Philo has done will likely make it a contender in the near future. Still, for just $16 a month, Philo offers some of the most popular cable networks like Animal Planet, BBC America, BET, DIY, and Lifetime. In addition, Philo is seeking to differentiate itself from the rest of the pack by integrating a social experience into the streaming service, allowing viewers to share what they’re watching with friends or other users.

Despite its limitations, Philo’s CEO Andrew McCollum remains optimistic about the upstart streaming service’s future. “Our goal is to build a television service that people love,” McCollum said in a recent statement. “The expansion onto Amazon Fire TV and Apple TV is a natural extension for us and allows many new people to discover and enjoy Philo, as well as expanding the viewing options for our existing subscribers. We’re thrilled with the response we’ve seen to Philo so far, but we’re always looking for ways to make it even better, and this is another big step forward in that direction.”

Philo recently unveiled new apps for Amazon Fire TV and Apple TV, meaning the service has potentially expanded its audience by millions of viewers – if it can lure them over from other established names. Philo is already currently available on iOS devices, Roku, some smart TVs, and over web browsers on Mac and PC. An Android Philo app is still under development.

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