Swedish streaming platform made resounding loss – minus 375 million – Business Week

Despite major capital in recent years should not boost business.

Swedish TV service magine earlier in the day informed of his new contract in China. It includes the establishment of a new Internet-based TV service that will offer video-on-demand and linear TV channels to over 100 million Chinese households. But while magine preparing for major investment in the Far East can technology site Breakit reveal how the company made a resounding loss of the entire 375 million kronor last year.

Sales for the period amounted to SEK 54 million writes Breakit with reference to the documents it had access to.

the corresponding figures for 2014 showed a loss of 316 million and a turnover of SEK 39 million.

Magines CEO, Ambuj Goyal, still looked positive future despite the great loss.

“Global reach and close strategic partnerships are the key ingredients in Magines growth plans. With this Chinese cooperation, we become one of the leading players in China’s fast-growing market for streamed TV, “said Ambuj Goyal.

With large losses in their luggage, and the agreement in China, it is difficult to know in purely economic terms what the future brings for magine noted Breakit.