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May 13, 2020 02:06 pm

Podcaster Luminary Seeks Fresh Cash To Buoy Struggling Business

Luminary Media, the money-losing podcasting startup, has raised more than $30 million in a new round and is seeking more funding as it tries to ride out the global pandemic, Bloomberg reported Wednesday. From the report: The funds were raised at a level below last year's $200 million valuation, said the people, who asked not to be identified because the process is private. The company, which is also cutting costs after struggling to attract subscribers, plans to use the money to fund operations and future programming. This current round of investment would bring Luminary's total fundraising to more than $160 million, comparable to the value of the entire company. Luminary, backed by investors such as Sinai Ventures, NEA and former HBO executive Richard Plepler, previously raised at least $130 million to build what it said would be the Netflix of podcasts -- a subscription service packed with top-notch, exclusive shows from journalists, TV hosts and celebrities. Its slate of original shows includes Guy Raz's "Wisdom From the Top" and "The Trevor Noah Podcast." But the app has struggled to find an audience since its debut in April 2019. Only about 80,000 people who tried the app have remained paying subscribers, said the people.

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