Blip.tv is going through some changes, with founder Mike Hudack gone and a search for a new CEO still ongoing. But the company raised a $6 million C round from its two main investors in December, and now just added to that with another $6 million credit facility from Silicon Valley Bank. There is also a new logo, and the company is now called just Blip.
So how is the indie Web video distribution service doing? “We essentially doubled revenue in 2011,” reports COO Steve Brookstein. He tells me that revenues in 2011 were $10 million, and the company expects to nearly double again this year, although profitability is still being pushed off until 2013. But the new cash should tide it over until then.
With 54 employees, Blip is a decent-sized startup with a long history on the New York scene. Originally, it appealed to independent Web video producers as an upload-once, distribute everywhere platform. Last year it started to try to become more of a destination site promoting its biggest stars, some of with whom it signed distribution deals.
Blip claims 13 million monthly unique viewers across its network of embedded players,and about 70 million “monetizable” views (videos it can sell ads against). Brookstein says the CEO search is going well, and Blip is working on redesigning its dashboard for Web video producers to give them better analytics. But it really all comes down to serving the best Web video producers. “We will work with top producers to build audience and give them additional financial incentives,” he hints, without revealing any more details.