Google boss takes punt on Muzu.tv
The music video venture backed by Google Ireland's chief John Herlihy and tech tycoon Bill McCabe is now turning a profit in the tough-to-monetise online music streaming space.
Muzu.tv has also just sealed a deal with X Factor maker Freemantle for the rights to show Simon Cowell's multimillion-viewer TV talent show's content globally, outside of Britain. It returns with a new series this Saturday.
"The business has broken even and is profitable," said chief executive Ciaran Bollard.
Muzu's earning power comes from advertising – particularly a deal with media colossus WPP. It pulls in between €250,000 and €300,000 in advertising run roll a month, according to Bollard, suggesting revenues of around €3.5m.
"We're doubling year on year in revenue and traffic," said Bollard. "We want to more than double our business within the next year."