There’s big money in programming for the young Latino audience.
Mitu Raises $27 Million to Expand Programming for Young Latino Audiences
Roughly half of Mitu’s audience is watching videos on Facebook.
Digital media company Mitu just raised $27 million from AwesomenessTV, WPP Digital and Verizon. The Series C round also includes Upfront Ventures, a Los Angeles-based fund that was one of the largest investors in Maker Studios.
Mitu got its start on YouTube, bringing together a group of Latino creators to launch a network of English- and Spanish-language channels for an audience that had relatively few options in traditional media.
Now, its community of about 6,000 creators gets two billion monthly views across more platforms and across continents. Roughly half of Mitu’s audience comes from places other than YouTube — with Facebook, a relative newcomer to video, accounting for the majority of those views. About as many views come from Latin America as from the United States.
The fresh infusion of cash allows the media company to follow its audience on mobile devices, with more content developed expressly for Snapchat and Instagram.
“At the end of the day, people are consuming more content — whether it’s a 90-second video or a new series they’re binge-watching on the over-the-top platforms [like Netflix],” said Mitu Chief Executive Officer Roy Burstin. “We’re trying to experiment and create content across the gamut.”
Mitu has raised a total of $43 million in funding.
This article originally appeared on Recode.net.
