Last week, we ran a post on Piano Media’s recent success in Slovenia and future plans to expand to new markets. Now it seems the company, which specializes in providing media companies with nation-wide paywalls for content, has found the resources to speed up that expansion. Piano announced 17 April that it has secured $2.6 million in new funding from the 3TS Cisco Growth Fund.
Originally, Piano started off with $390,000 in seed funding to launch their project first in Slovakia, then Slovenia. Even before this recent announcement, Piano had said they had planned to expand to 19 more markets by 2014. Certainly this will help them speed that process. “This deal represents the next step in Piano’s growth; helping speed our expansion, recruit top talent, ramp up our marketing, broaden our sales channels and keep improving our software,” the company’s CEO said in the statement.
Nick Clayton, at the WSJ’s TechEurope blog, points out that Piano’s success in the future could potentially be a significant argument in favor of the paywall model for media outlets, especially if Piano can continue to wrangle typically competitive media organizations into one bundle and convince them to put more than just a small percentage of their content behind the paywall.