VENN leveled up in its quest to become the 24/7 streaming network for gaming on Tuesday, announcing it has closed a $26 million Series A financing round. The Playa Vista-based company has also turbocharged its leadership and distribution network.
The Videogame Entertainment and News Network launched in August with $17 million in seed funding. That round was led by Bay Area gaming fund BITKRAFT, which also co-led the Series A — this time with Nexstar Media Group, a NASDAQ-listed telecoms company headquartered in Irving, Texas.
<p>As part of its investment, <a href="https://www.nexstar.tv/" rel="noopener noreferrer" target="_blank">Nexstar</a>, which claims to reach nearly 63% of U.S. television households, received exclusivity for local television broadcasting and the right to appoint a member to VENN's board. </p>
<p>In a statement, Nexstar executive Thomas E. Carter said, "VENN is a new kind of TV network built for the streaming and digital generation, and it's developing leading-edge content for the millennial and Gen Z cultures who are obsessed with gaming. Gaming and esports are two fast growing sectors and through our investment we plan to distribute VENN content across our broadcast platform to address a younger audience; utilize VENN to gain early access to gaming-adjacent content; and present local and national brands with broadcast and digital marketing and advertising opportunities to reach younger audiences." </p>
<p>In addition to the new financing, VENN announced Tuesday it will now be available on The Roku Channel, complementing its existing distribution channels, which include <a href="https://www.plex.tv" rel="noopener noreferrer" target="_blank">Plex</a>; <a href="https://corp.xumo.com/lg-channel-plus/" rel="noopener noreferrer" target="_blank">LG Channels</a>, powered by Xumo; <a href="https://www.samsung.com/us/televisions-home-theater/tvs/tvplus/" rel="noopener noreferrer" target="_blank">Samsung TV Plus</a>; and <a href="https://www.vizio.com/en/home" rel="noopener noreferrer" target="_blank">VIZIO</a>. </p>
<p>Similar distribution agreements have helped VENN attract advertising partners, including brands such as Subway, Draft Kings and Adidas.</p>
<p>Also announced Tuesday: Jeff Jacobs, formerly a production head at Viacom and MTV, and most recently president of a third-party production firm whose clients included Viacom and the NBA, has joined VENN as executive vice president and general manager. His responsibilities will focus on growth and expansion. </p>
<p>VENN broadcasts from its 8,000 square-foot studio space in Playa Vista. It was co-founded by Ben Kusin, formerly of Electronic Arts and Vivendi Games and son of GameStop co-founder Gary Kusin; and Ariel Horn, a pioneer of esports with experience at NBC Universal and Riot Games. He was also an early employee at Twitch. </p>
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Helmed by gaming industry royalty and financed by a who's-who of gaming investors, the Video Game Entertainment and News Network (VENN) launches Wednesday. The free, ad-based network features live, 24/7 coverage on its website and a range of social media and connected-TV platforms.
VENN's home base is Playa Vista Studios in Los Angeles, where it boasts five sets comprising over 8,000 square feet. It will also broadcast out of New York City. The programming slate will include a variety of original content covering gaming, esports and music.
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<small class="image-media media-caption" placeholder="Add Photo Caption...">Welcome to VENN (Official Launch Trailer)</small>
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<a href="https://www.youtube.com/watch?v=KaN9jVrVf_w&feature=emb_title" target="_blank">www.youtube.com</a>
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</p><p>VENN's co-founders and co-CEOs both have extensive backgrounds in gaming, which they've seen grow to a $150 billion industry. Ben Kusin's father co-founded Babbage's in 1984, an early video game retailer that eventually went public as GameStop. The younger Kusin worked at Electronic Arts and Vivendi Games before moving full-time into entrepreneurship and angel investing. </p><p>His partner, Ariel Horn, is a 4-time Emmy winner and considered one of the pioneers of esports, having applied lessons from his days at NBC Universal to his role as head of esports content at Riot Games. Horn has also developed esports projects for Blizzard Entertainment and Justin.tv, which would become Twitch.<br/></p><p>In 2019, Kusin pitched his idea for a gaming-centered network to Riot Games co-founder Marc Merrill, who told Kusin that Riot's former head of production – Horn – had just pitched him on virtually the same concept. Merrill suggested that Kusin go meet Horn before he headed back to New York.</p><p class="shortcode-media shortcode-media-rebelmouse-image image-crop-4x3">
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<small class="image-media media-caption" placeholder="Add Photo Caption...">Ben Kusin (L) and Ariel Horn are VENN's co-founders and co-CEOs</small></p><p>"I went to the W in Hollywood," Kusin told dot.LA. "He was there taking another meeting, and he came over and I said 'Marc said we should meet.' We decided to lay out our own visions. I had mine; he had his. We were on the same track and we decided to start it." </p><p>VENN went on to raise $17 million in seed funding. Bay Area gaming fund BITKRAFT led the round, which also included Merrill, Irvine-based Blizzard Entertainment's co-founder Mike Morhaime, Twitch co-founder Kevin Lin, Kroenke Sports (owner of the L.A. Rams and two L.A. esports teams, among other holdings), Beverly Hills-based family office Lifeline Financial Group, and L.A.-based investment group aXiomatic Gaming.</p><p class="shortcode-media shortcode-media-rebelmouse-image">
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<small class="image-media media-caption" placeholder="Add Photo Caption...">VENN wants to be the MTV of the gaming generation</small></p><p>The founders are captivated by the possibility of becoming the "MTV of this generation." They view gaming as a culture and lifestyle that has become ubiquitous among young people.<br/></p><p>"Asking if someone's a gamer is like asking if they eat lunch," Kusin said. "It's hard for generations that didn't grow up in a gaming- and digital-first world to understand... Lots of young people derive their identity, validation and social circles from gaming." </p><p>"You create content that that audience wants and you build organic fandom," said Horn, "and we think that's the future of entertainment." </p><p>The Playa Vista studio is bedecked with over 1,000 square feet of LED tiles, a trove of fiber cables to beam gaming content from a variety of consoles both in-studio and remote, and a set that replicates what gaming streamers "are doing out of their bedrooms, so it should feel comfortable to them," Kusin said. </p><p class="shortcode-media shortcode-media-rebelmouse-image">
<img type="lazy-image" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzUzNTA5MS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1NzUyMjEwM30.DFpdMkFUksdmC71k65CWKNqi0Wtge_RsbGWJUpPYFDc/image.jpg?width=980" id="57f9e" class="rm-shortcode" data-rm-shortcode-id="4ac59016385e4f57afd83acf71adc37e" data-rm-shortcode-name="rebelmouse-image" />
<small class="image-media media-caption" placeholder="Add Photo Caption...">Some of VENN's shows are meant to embody the at-home vibes of gaming streamers</small></p><p>The control room allows the production team to operate cameras remotely, and the entire facility is an "NBA-style bubble." The company credits the many preventative measures with helping its staff stay COVID-free, despite an intense rehearsal and preparation schedule ahead of the launch.<br/></p><p>Kusin described the VENN team of 70 full-timers and 70 or so additional production contractors as nimble and agile in a way that traditional networks cannot be. </p><p>"We're doing shit that networks would die to be doing right now," he said. </p><p>Among other shows, "VENN Arcade Live" is a daily variety show that celebrates "all things gaming and pop culture," hosted by James 'Dash' Patterson, who on Tuesday signed with talent agency CAA. "Guest House" is a two-hour program hosted by singer Chrissy Costanza that will bring in guest creators to "choose their own adventure" — which could include making food, building legos, or singing karaoke. And "The Sushi Dragon Show" is a talk show hosted by the eponymous streamer, who Kusin describes as "like Eric Andre on crack" (which, if you've seen Eric Andre, is saying something).</p><p class="shortcode-media shortcode-media-youtube">
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<small class="image-media media-caption" placeholder="Add Photo Caption...">The Sushi Dragon Show Starring TheSushiDragon (Official Trailer)</small>
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<a href="https://www.youtube.com/watch?v=_AVhOb6VAqM&feature=emb_title" target="_blank">www.youtube.com</a>
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</p><p>---<br/></p><p><em>Sam Blake primarily covers entertainment and media for dot.LA. Find him on Twitter @hisamblake and email him at samblake@dot.LA</em></p>
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