Orange Digital Ventures invests in Afrostream on-demand video services
Orange Digital Ventures has announced that it will be helping to fund Afrostream, a subscription video on demand service (SVOD) of African, African-American and African-Caribbean films and television series.
Through its corporate fund, Orange will accelerate the development of its original and innovative service in Europe, Africa, the Caribbean and South America. Afrostream’s unlimited SVOD streaming service is already available on all connected screens in France, Belgium, Switzerland, Luxembourg, Senegal and Côte d’Ivoire.
Leveraging of its presence in Africa and in European countries with large African diaspora populations, Orange is seeking to collaborate with the start-up to facilitate Afrostream’s development by providing its expertise in networks, distribution and payment.
Pierre Louette, Deputy CEO of Orange and President of Orange Digital Ventures, said: “This investment is part of ODV’s ambition to finance services that are able to address different geographical areas in which Orange is present. It will enable us to develop the video-on-demand market, particularly in Africa. It will also enable us to enrich the content we already offer to our customers in France, as Afrostream should be launched on Orange TV by next summer.”
Tonjé Bakang, CEO of Afrostream, commented said: “The future of television is mobile. With this strategic investment by Orange, Afrostream now brings together the best of the mobile internet and the best of African content. This new alliance will enable us to revolutionize the entertainment industry and to reach all audiences.”
Orange Digital Ventures selects and funds young start-ups in the first stages of their development. With a budget of 20 million euros in its first year, Orange Digital Ventures invests through minority equity positions.
Orange is one of the world’s leading telecommunications operators with sales of 39 billion euros in 2014 and has 154,000 employees worldwide. Present in 29 countries, the Group has served 248 million customers worldwide.