|Type||Online backup service|
MiMedia is a cloud-based online backup service company that has created the MiMedia Platform, a next generation consumer cloud platform that enables all types of personal media (photos, videos, music, docs, contacts and SMS) to be secured in the cloud, accessed seamlessly, across all devices (smartphones, tablets, laptops / desktops, web) and on all operating systems (Android, iOS, MAC, PC) at any time.
It was launched in 2010 by technology startup company MiMedia, LLC, based in Brooklyn, New York. Chris Giordano is its current CEO. As of 2012 MiMedia announced that users can receive 10GB of storage with their starter plan (free).
In May 2011, MiMedia unveiled a new pricing plan, by which users can get up to 7GB of storage space for free
In January 2016, MiMedia announced that it has raised a $15 million Series C round from a number of global family offices.
On March 22, 2022 MiMedia began trading on the Toronto Venture Exchange (TSXV) under the symbol: "MIM" via a reverse takeover transaction.
Description of Business
MiMedia has built the MiMedia Platform, a next generation consumer cloud platform that enables consumers to access all their personal content (photos, videos, music, documents, SMS and contacts), on any device or operating system, whenever they want.
Backed by a portfolio of issued patents and approximately US$45 million in development, the MiMedia Platform and MiMedia’s technology is an innovative answer to today’s consumer clouds, which are mainly enterprise-focused, work-file sharing solutions offering utility-like experiences. MiMedia differentiates with its highly visual interface, rich media experiences, robust content curation tools, private sharing platform for families and deeper promotion of content (re)discovery.
MiMedia solves important problems for consumers – providing security, organization, ease of use, ubiquitous access and true private sharing of their cherished personal content. The MiMedia Platform enables consumers to access their content on any device by seamlessly integrating seven apps into one, simple-to-use platform – desktop apps for PC & Mac, smartphone apps for iOS & Android, tablet apps for iOS & Android and a web app that works on all browsers.
MiMedia also uniquely solves important problems for its distribution partners that serve consumers – namely OEMs and Telcos. Leaders in these large market segments struggle with customer retention, low margins, limited digital revenue strategies and heavy market competition from the likes of Google and Apple as well as local, in-market players.
MiMedia operates a business model that is recurring, high-margin and diversified with multiple revenue streams:
- Subscriptions / Freemium model: Free storage plan and multiple paid plans to upgrade for more storage.
- Mobile Advertising: Non-intrusive advertisements within the smartphone gallery.
- Value Added Services: Photo printing, premium photo editing and digital scanning, among others.
MiMedia may either share in the revenue generated with its partners or charge a license fee per user of its software. Branding in these deals is either “MiMedia” or ingredient, “powered-by MiMedia” branding. Selection and deployment of revenue streams will depend on target country dynamics. MiMedia’s revenue streams are deployed and generating revenue today, with MiMedia’s primary revenue engine of mobile advertisements showing strong and consistent metrics at scale that support the core model’s go-forward assumptions.
MiMedia’s partners assume the major cost components typical of MiMedia’s business model, thus driving higher margins for MiMedia.
- "micromax Micromax makes foreign investment in New York based Mi Media". Times Internet Limited. Gizmodo India Bureau.
- "MiMedia - The personal cloud you've always wanted". MiMedia. Retrieved 2022-04-14.
- Warren, Christine Mashable, May 9, 2011, accessed June 6, 2011.
- IANS (10 Aug 2015). "Micromax invests in cloud provider MiMedia". Yahoo Finance.
- "MiMedia Raises $15 Million For Its Personal Cloud Platform". TechCrunch. 14 January 2016.
- Stockhouse.com. "2022-03-16 | Press Release | MiMedia Holdings Inc. Closes Qualifying Transaction". stockhouse. Retrieved 2022-04-14.