Roku, a leading name in streaming technology, has announced the acquisition of Frndly TV, a subscription streaming service providing live TV, on-demand content, and a cloud-based DVR. Based in Denver, Colorado, Frndly TV launched in 2019 and boasts over 50 live TV channels, including popular networks like A&E, Hallmark Channel, The History Channel, and Lifetime. The service also offers thousands of hours of on-demand programming.
“Frndly TV’s impressive growth and expertise in direct-to-consumer subscription services make it a compelling addition to Roku,” stated Anthony Wood, Founder and CEO of Roku, Inc. “This acquisition supports our focus on growing platform revenue and Roku-billed subscriptions, with a live content offering our users love at an industry-leading price point.”
Andy Karofsky, Frndly TV CEO and Co-Founder, expressed enthusiasm about joining Roku, stating, “We’re incredibly excited to join Roku and continue our mission to provide customers feel-good, quality entertainment as the most affordable live TV subscription streaming service in America. Roku’s pioneering role in streaming and its longstanding commitment to customers aligns perfectly with our strategic vision. We believe this combination will help us accelerate subscription growth, given the alignment in core customer demographics and Roku’s leadership position in the connected TV ecosystem.”
The acquisition, valued at $185 million (including performance-based incentives), is anticipated to close in the second quarter. Importantly, Frndly TV will remain accessible on its current platforms, including Amazon Fire TV, Android TV, Google TV, Apple TV, Samsung, Vizio, web browsers (and via Chromecast), and mobile devices (Android and iOS).
This strategic move by Roku signifies a significant step in expanding its streaming services and solidifying its position in the competitive live TV market. The integration of Frndly TV’s offerings is expected to enhance Roku’s platform and attract a wider audience.