Investment proceeds will be channelled into producing more original entertainment content through investing in content creators, diversifying into more content genres, and further expansion into more Asian markets.
M17 Entertainment co-founder and CEO Joseph Phua expects the latest funding round to accelerate this process.
He said, “With the past half year’s careful planning and execution, we are very satisfied with our current development. To achieve the Group’s expansion plans, working with international investors is very important to us.”
M17 Entertainment was formed in April 2017 with the merger of Singapore-based Paktor Group and Taiwan-based 17 Media, a regional live-streaming company.
M17 Entertainment plans to allocate part of the funds into market expansion, focusing on markets such as Japan, Indonesia and Hong Kong. The existing team will receive professional training while qualified content creators – such as live streamers, music producers, and celebrities – will also be scouted. Another focus lies in producing more original content such as music, commentary, variety shows as well as reality TV programmes.
Currently, M17 Entertainment has offices in Singapore, Malaysia, South Korea, Taiwan, Hong Kong and Indonesia with a total staff count of 300. The group has plans to continue expansion in Asia excluding China.
The Series A round will also see 17 Media and KKBOX enter into a content partnership. KKBOX founder Chris Lin said, “Live streaming is currently the main driver in content distribution and with 17 Media being the market leader, we want to start cultivating more talents in original content production.”
“Supporting original Taiwanese content is a common objective and with that, KKFARM and KKTV from KKBOX Group will work with M17 Entertainment to invest in original content creators. The content will be broadcast on KKBOX’s media channels. We will also assist in music production, lending more exposure to music talents as well as giving them a chance to fulfil their aspirations as a singer,” he added.