RipeTV, the LA-based online VOD service which has been in gestation for a long time, is now finally ready to launch outside cable VOD, on October 28, 2005. The company has also closed a $5 million investment round, with investment by Hearst-Argyle Television.

The company’s service, aimed at guys ages 18-34, launched on Comcast ON DEMAND in July, and will now launch online, and on MSN, Akimbo, Comcast.net and on mobile phones this month.

With its investment, Hearst-Argyle Television will “strategically assist RDE in advertising, distribution and new market endeavors”. RDE’s founders include CEO Ryan Magnussen, President Patrick Bradley and VP of Sales Steven Voci—all three of whom were founding partners for interactive agency Zentropy—as well as Jonathon Barbato, who launched Starz On Demand nationally.

So what’s the business model? RDE has created a “new advertising platform called ‘Immersive Advertising’ that is fast-forward resistant or ‘DVR-proof’ due to the fact that advertising occurs while a show is being viewed. RDE embeds ads into the video, and charges based upon actual views,” says the company. I suppose they mean product placement…

Related:

—Ripe Time For RipeTV?

—RipeTV Ready To Launch Its Service