Blade raises $33 million for its cloud gaming service Shadow
Blade has raised $33 million in venture capital as the Paris-based company continues to expand its Shadow cloud gaming service.
Founded four years ago, the Paris-based startup created Shadow to allow games to be played and streamed across any computer, tablet or TV.
With the latest funding, the company has set a goal of reaching 1 million subscribers, though it currently has just 65,000. To begin accelerating that growth, the company announced new monthly pricing plans that more than cut the basic subscription in half to $14.50.
Blade introduced the service in the U.S. last year, and opened an office in Mountain View. It has also raised money from Charter Communications.
In one sense, Blade’s timing it right on. While the concept of cloud gaming has been around for some time, the arrival of edge computing and 5G networks are driving a new round of hype as carriers believe it’s the kind of service that could entice greater use of these hyper-fast networks.
The Research and Reports firm projects the global cloud gaming market will grow to $6.226 billion by 2026, up from $765 million in 2017.
But by the same measure, other competitors are rushing into the field, including many giants. Google announced its Stadia cloud streaming game service this year. There are reports Amazon is developing a game streaming service. And Microsoft its Project xCloud cloud gaming service last summer.
The price cut for Shadow reflects that growing competition. And to remain competitive, Blade is rolling out new interfaces for TV and mobile, and will be launching an extension for virtual reality systems.
The funding round was led by previous investor Serena Capital. The company has now raised a total of $104 million in venture capital.