Hoping For Ungodly Returns: Christian Video Sharing Site GodTube Gets $30 Million Funding
GodTube, one of the fast growing Christian online video sharing and social networking sites, has received a big $30 million funding round from hedge fund GLG Partners, paidContent.org has learned. The valuation for this round was around $150 million. It has previously raised about $2.5 million from private investors, including Norm Miller of Interstate Batteries.
GodTube was launched in summer last year in Dallas, and has since been among the fastest growing websites online…it now says it has about 2 million users a month. Chris Wyatt, the CEO and co-founder of GodTube, was previously an executive producer at CBS. The company has since hired other senior media executives. As for its business model, its Godcaster program is being used few hundred churches, thus generating subscription revenues, and allows them to stream live video of their services online. In the coming months, the company will also launch a white-label social networking service to churches as well. Also, the site sells both religious and secular advertising.
While the $30 million is an ungodly big amount, it compares to the other video sharing sites such as Metacafe, Veoh and others in the post-YouTube era. In all of these cases, bandwidth ends up being a huge cost center.
GLG has also invested relatively big amounts in two other digital media companies recently: Glam Media and Spinvox.
GLG refused to comment, and GodTube’s PR had this non-committal statement: “We have enjoyed substantial growth over the last several months and we are excited about taking out business to the next level, but we do not have any formal announcements to make at this time.” For some more background on the site, read this LAT story: “Linking into the market for ministry”.
Posted In: Money, M&A & Venture Capital, Venture Capital, Social Media, Video, glg partners, godtube
Newsletter
Comments (18)
May 5, 2008 9:00 AM
stupid, seriously stupid!
May 5, 2008 1:26 PM
There is a great demand for Christian content on the Internet now more than ever, I’m just glad that a business model can be applied here. Check out GideonTV.com, another Christian website offering live streaming.
May 5, 2008 2:38 PM
This may be the best paidContent headline ever, though I’d change “hoping” to “praying”.
May 5, 2008 9:34 PM
@Danielle
When you mention business model, how exactly is this venture making money? Donations? Sponsorships? Or is it a real model that rewards its content providing users?
May 6, 2008 8:36 AM
Why? When will they learn…the bible is Fiction. This is just a complete waist of time. They found the body of Jesus 200 years ago. Move on w/your lives. Your GOD is dead….and no one cares.
May 6, 2008 9:16 AM
The stupidity of people is constantly amazing me. Godtube is a pointless waste of space, time and money. The money received for funding would be better off going to the less fortunate people around the world, especially with the recent disasters.
May 6, 2008 9:18 AM
John: Your new name is Paul—be ready.
May 6, 2008 11:47 AM
Take me back to the bubble days.
Also, you should try to check out GLG’s website. It is very strange—it is traded on the NYSE (GLG) but the main site is not available to residents of the US.
May 6, 2008 2:29 PM
i can’t believe someone actually just uttered the words “I’m just glad that a business model can be applied here.” in regards to Christianity.
Faith in Christ, and the telling of Him is not a “5 Steps to Success” sort of idea.
May 10, 2008 2:24 PM
It’s not about church
It’s not about a website
It doesn’t matter how many people go to either
It’s about spreading and experiencing the love of Jesus, friends
THAT is what truly matters in life
really look at what Jesus taught
He didn’t want a subculture
He wanted us to shape the culture
To live in such a way that our mainstream culture is affected so that people see that Jesus is real. Read John 17:20-26
http://www.biblegateway.com/passage/?search=John 17:20-26;&version=31;
Jul 9, 2008 1:11 AM
i really get sick to the stomach when says God is dead, just because some is interested in doing what is not accordding doesnt mean you tell others who believe in god. tp go die.
anyway main point is hell is reall, jesus is real, God is real, just dont be afraid to embrace the truth.
see more of this on http://www.myafricachurchtv.com or godtube.com. its all about God. not mens opinions.
stay blessed
Aug 25, 2008 5:32 PM
very nice, thanks
Sep 24, 2008 10:11 PM
GodTube? ... Really? I guess the internet has a home for everything.
Oct 10, 2008 2:14 AM
Check out http://www.christianfamilytube.com, Enjoy!
Jan 14, 2009 9:18 PM
we still more online will continue to see God through media, Godtube on churchmegatv.com all others can bless many people if the mission is not altered.
stay blessed. on http://www.churchmegatv.com
Feb 10, 2009 8:14 AM
There can never too many sites to pass the word of God. The web site owners who do benefits the rewards from his or her faith-based web site promoting God’s love, remember to forward you blessing to those in need of help and blessings.
God Bless
Nina
Feb 28, 2009 3:56 PM
http://www.mightyrefuge.com is coming soon
Mar 11, 2009 2:04 PM
Hey to everyone one there comupters at home. i thank of the web sute Godtube.com a great why to hear and learn for the songs. like the song Set Me Free is a song that i really like it show know matter what sins you do in life gods all was there for you.