VIX, which controls the largest multi-platform Latino digital media audience in the world, announced today that it has acquired Pongalo, whose Latino-focused advertising video on demand (AVOD) streaming services Pongalo NovelaClub, Pongalo TV and Moovimex just surpassed one billion minutes watched so far this year. The specific value of the deal was not disclosed.
Pongalo Founder and CEO, Richard Hull, said: ‘We believe that VIX’s enormous audience and powerful ad sales team combined with Pongalo’s massive catalog and global distribution footprint provide an unfair advantage as the combined company seeks to dominate the Latino AVOD space on two continents’. Hull also added that ‘with the recent consolidations of media companies and studios, the market now particularly rewards scale and profitability, and this transaction provides Pongalo with both. We are thrilled to join the VIX family in what is a great outcome for Pongalo and its investors’.
Pongalo is one of the fastest growing Latino AVOD players in the world, with its global streaming services distributed across over 30 different platforms. Initially created as a single subscription video on demand (SVOD) service and proprietary technology platform for Latino audiences, Pongalo’s CEO expanded the company’s streaming brands in 2018 and migrated them to AVOD, which created a surge in viewership. Founded in 2014, Pongalo controls a content catalog of over 14 thousand hours of owned, licensed and original content, and is the largest Spanish-language film and TV library based in the US. The company has also partnered with US studios to produce and market films with ‘Latino and multi-cultural feel and mainstream appeal’