September 28, 2022

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technology, broadband |  Former TV chief Harald Strom raised 70 million for a tech startup

technology, broadband | Former TV chief Harald Strom raised 70 million for a tech startup

On Thursday, the news of a major new TV deal surfaced. MyGame will be the platform to broadcast all football matches in Norway for the next seven years with Amedia and TV2 on the owner’s side.

Read also: Nettavisen owner Amedia joins major new agreement on Norwegian football: Unique in Europe

Former TVNorge President Harald Strom takes over. The company was started by Strømme and Edvard Tveten in 2019.

Three years later, the founders raised 70 million capital and acquired exclusive rights to football, handball, ice hockey, basketball, volleyball and earth ball for many years to come.

According to Nettavisen’s calculations, Harald Strømme now owns shares in My Game Norway worth NOK 35 million based on the price Amedia purchased. Amedia is valued at $45 million and Swedish company Geltis AB contributed $25 million of the investment.

The founder believes we have reached a turning point in Norwegian sport.

This is a new global industry that is growing rapidly. Most of the people who invest in this sector focus on technology work with the development of cameras and artificial intelligence, what we have done is attack the market from the rights side. We believed that if we got the rights, the best technology would be available. And that turns out to be true, founder Harald Strom tells Nettavisen.

MyGame has already started rolling out motorized sports cameras in select handball halls, in beta to cover the Bring and Lerøy series.

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Matches that are not televised must be shown

How will this collaboration improve the consumer experience?

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The big advantage is that the marginal cost of the game will be very low. It is possible to produce matches that have not been shown on television before. This technology makes it possible to obtain permanent installations without personnel. This means that as viewers we have a greater chance of seeing the players who are most important to us.

– The camera will take high-resolution photos, while the AI ​​technology reads the game and simulates the movement of the normal camera.

Does this mean that I can sit in Oslo and watch my niece in Kristians play a game?

Yes, that is the plan. This opens up to promote a commitment to Norwegian sport. 99 percent of all matches played were not produced or broadcast to television viewers. Now it is possible with new technology. This will also help elderly and disabled people who do not have the opportunity to travel to watch their loved ones matches. It is also not always possible to travel far to watch the matches.

In addition, technology can help Norway produce more sports stars.

Analysis models and training tools will now be available for more sports teams. Previously, this was only possible for elite clubs.

Are we getting more sports stars in Norway?

I think all the private associations are strong in the belief that this can improve the development of players and the coaching work that is being done across the country. The goal is to raise the quality of both training and matches.

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Far from bureaucracy and in empty places

Strømme tracks the market internationally and can say that the agreement the players have reached is unique.

There are no markets in the world where one has been able to accumulate such a large set of rights on one platform. Norway would be an interesting “case” internationally. In most other markets the rights are very fragmented, while here we gather all the Sports Norway team on one platform.

– What was it like for you to go from being the pinnacle of television to being an entrepreneur? As a TV, do you work from top to bottom, while you as a businessman are on the ground level?

– First of all, it was a lot of fun. I’ve been involved in many projects and it was very motivating to get out of a big Discovery International with a lot of bureaucracy and reporting, to sit with two other people in empty spaces and build from scratch.

It’s satisfying when companies like TV 2 and Amedia want to join in.

– Yes, I really came back from all the work.

Well, this is where the job begins. We are still a company that invests in the future and will incur a loss for a while before we start making money. Technology and development costs.

Do you have any financial goals related to wealth yourself? Do you have a savings goal you want to reach?

All founders desire to create something of social and economic value and to participate in the creation of the same value. Strom concludes that there is still a long way to go before there is any issue.

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– Very powerful synergistic effects

Strom says the company will be restructured immediately.

The Norwegian business will remain in the MyGame Norge AS subsidiary. Both Amedia and TV 2 will focus on their ownership there.

The collaboration with TV2 and Amedia is described as a good “match”.

– I think there will be very strong synergies with TV 2 and Amedia. It was precisely the opportunity to find good forms of cooperation that led to the conclusion of the agreement.

Amedia will own a 20.8 percent ownership stake and TV2 28.2 percent. MyGame Group holds a 51 percent majority.

Investors praise the company’s efforts.

MyGame has done a tremendous job in collecting long-term rights, and has developed close cooperation with the Norwegian Sports Federation and the private federations in Norwegian sports. Anders Opdahl, CEO of Amedia, says we view this investment as a natural strategic expansion of our sports collaboration with TV 2, and a continuation of our strong investment in Direktesport.

We’ve owned MyGame for nearly two years now, and we’re looking forward to having Amedia on the team as well. We believe in the unique commitment people have to Norwegian sport from top to bottom and look forward to building on it with good partners,” says TV 2 Editor-in-Chief Olav T. Sandnes.

For information: Amedia, mentioned in this case, owns Nettavisen.

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