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Nielsen says ‘The Office’ was the most popular streaming series of 2020

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Because streaming services only release viewership numbers selectively, and because each one uses its own methodology, it can be hard to compare the popularity of different streaming shows and movies.

So Nielsen, which provides the standard ratings for traditional TV (and is working to combine those ratings with streaming data), is offering some apples-to-apples comparison today at CES by releasing its own lists of the most popular streaming content in 2020, across Netflix, Amazon Prime, Disney+ and Hulu.

These lists are limited to U.S. viewership. And unlike Nielsen’s linear ratings, they don’t just reflect the total number of people watching, but focus instead on the total number of minutes watched. That also makes for a striking contrast with the ratings that Netflix releases, which count the number of households who watched at least two minutes of a program, but don’t distinguish between someone who watches two minutes versus two hours versus 20 hours.

Still, the TV series lists are absolutely dominated by Netflix, while Disney+ puts in a good showing on the movies list. The other services don’t crack any of the three Top 10 lists.

On the original series side, the surprising winner (at least, surprising to me) was Netflix’s “Ozark,” with 30.5 billion minutes streamed, followed by “Lucifer” (19.0 billion minutes) and “The Crown” (16.3 billion minutes). “Tiger King,” which seems like one of the defining hits of the pandemic, came in at number four, with 15.7 billion minutes streamed — though Nielsen’s methodology puts it at a disadvantage, since it only has eight episodes. The same could probably be said for “The Mandalorian,” the first non-Netflix series on the list, with 14.5 billion minutes streamed.

Nielsen 2020 list

Image Credits: Nielsen

The numbers were even bigger for acquired series — all of them streaming on Netflix last year, although the number one show, “The Office” (57.1 billion minutes streamed) just moved to Peacock. The other shows in the top five are “Grey’s Anatomy” (39.4 billon minutes), “Criminal Minds” (35.4 billion minutes), “NCIS” (28.1 billion minutes) and “Schitt’s Creek” (23.8 billion minutes).

On the movie side, the biggest title was “Frozen II,” which came early to Disney+ and was streamed for 14.9 billion minutes, followed by “Moana” (Disney+, 10.5 billion minutes), “The Secret Life of Pets 2” (Netflix, 9.1 billion minutes), “Onward” (Disney+, 8.4 billion minutes) and “Dr. Seuss’ The Grinch” (6.2 billion minutes). This seems to be a category where family films have advantage, perhaps because kids are more likely to watch them multiple times.

Beyond releasing these lists, Nielsen is announcing a new product designed to measure viewership of theatrical video on-demand, a.k.a. movies that are released for rent or purchase online. While studios should already have access to basic purchase data for these titles, Nielsen says it can provide “the entire media food chain” with more detailed information about things like the age, gender, ethnicity and geographic territory of who’s watching.

In a statement, Nielsen’s general manager of audience measurement Scott N. Brown said:

As this unprecedented pandemic continues to influence consumer behavior, perhaps even through a prolonged state of recovery waves, being able to measure and help clients appropriately monetize new revenue streams has never been more crucial. A bigger question might be what will audiences do following any recovery, how the behavior adopted during stay-at-home orders might influence habits when consumers have the ability to go back to theaters to enjoy that experience and how content creators will leverage data to make the best decisions regarding distribution platforms in the future.

 

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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How fintech and serial founders drove African pre-seed investing to new heights in 2020

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When Stripe-subsidiary Paystack raised its seed round of $1.3 million in 2016, it was one of the largest disclosed rounds at that stage in Nigeria. 

At the time, seven-figure seed investments in African startups were a rarity. But over the years, those same seed-stage rounds have become more common, with some very early-stage startups even raising eight-figure sums. Nigerian fintech startup, Kuda, which bagged $10 million last year, comes to mind, for example.

Also notable amidst the growth in seven and eight-figure African seed deals have been gains in pre-seed fundraising. Typically, pre-seed rounds are raised when the startup is still in the product development phase, yet to make revenue or discover product-market fit. These investments are usually made by third-party investors (friends and family), and range between $25,000-$150,000.

But the narrative as to how much an early-stage African startup can raise as pre-seed has changed. 

Last year, African VCs who usually fund seed and Series A rounds began partaking in pre-seed rounds, and they don’t seem to be slowing down. Just a month into 2021,  Egyptian fintech startup Cassbana raised a $1 million pre-seed investment led by VC firm Disruptech in a bid to drive expansion within the country.

So why the sudden change in appetite from investors?

Andreata Muforo is a partner at TLcom Capital, a pan-African early-stage VC firm. She told TechCrunch that last year’s run of 23 pre-seed rounds (10 of which were $150,000+ deals) per Briter Bridges data, was due to the confidence investors had in the market, especially fintech.

Startups building financial infrastructure got noticed

While most African pre-seed investments in 2020 went to fintech, there were exceptions, including Egyptian edtech startup Zedny, which raised $1.2 million; Nigerian automotive tech startup Autochek Africa, which raised $3.4 million; and Nigerian talent startup TalentQL, which raised $300,000. 

Just as Paystack and Flutterwave built payment infrastructure for thousands of African businesses, these fintech startups are trying to make their mark in the sweet spots of credit and banking. 

“Fintech is compelling. But while most fintech startups play around the commodities side of fintech, it’s the companies building infrastructure around the market that got most of the pre-seed validation last year,” Muforo said. Her firm, TLcom, led the $1 million pre-seed investment in Okra.

Okra is an API fintech startup. So are Mono, OnePipe and Pngme. They are building Africa’s API infrastructure that connects bank accounts with financial institutions and third-party companies for different purposes. Within the past 18 months, Mono and Pngme raised $500,000, while OnePipe raised $950,000 in pre-seed.

It is noteworthy that while these startups are clamoring to solve Africa’s open API banking issues, three of the four deals came after Visa’s $5.3 billion acquisition of Plaid last year in January.

Although the Visa-Plaid acquisition has now been called off, it is safe to say some African investors developed FOMO, handing out sizable checks to fund “Africa’s Plaid” in the process.

Digital lenders remain one of their most important customers for fintech API startups. They can access customers’ financial accounts to understand their spending patterns and know who to loan to.

Egypt’s Shahry and Nigeria’s Evolve Credit are fintech startups building credit infrastructure for their markets. Evolve Credit connects digital lenders to those who need loan services in Nigeria via its online loan marketplace. Shahry, on the other hand, employs an AI-based credit scoring engine so users in Egypt can apply for credit. The pair also secured impressive pre-seed funding — Evolve Credit, $325,000, and Shahry, $650,000.

A recurring theme: Serial founders

Muforo points out that aside from startups building fintech infrastructure, the caliber of founders was another reason pre-seed funding peaked last year.

Adewale Yusuf, co-founder and CEO of TalentQL, a startup that hires, manages and outsources talent for Nigerian and global companies, seemed to agree. He told TechCrunch that trust between the VCs and founders involved played a major role in most pre-seed rounds last year. 

“It wasn’t surprising that a lot of investors put money in pre-seed rounds. I say this because we also saw existing founders and serial entrepreneurs coming back to the market. To me, these founders’ credibility was a major part of why those rounds were large,” he said.

A second-time founder himself, Yusuf is the co-founder of Nigerian tech media publication Techpoint Africa. His partner at TalentQL, Opeyemi Awoyemi, is also a serial entrepreneur. He co-founded Ringier One Africa Media-owned Jobberman, one of Africa’s most popular recruitment platforms.

According to Adedayo Amzat, founder of Zedcrest Capital, which is the lead investor in TalentQL’s round, the founders’ experience proved vital in closing the deal. 

He says investors are more comfortable backing experienced founders in pre-seed rounds because they have a more mature understanding of the problems they’re trying to solve. So, in essence, they tend to raise more capital.

“If you look at pre-seed sizes, experienced founders can demand a significant premium over first-time founders,” Amzat said. “Pre-seed valuation cap for first-time founders will typically be between 400K to $1 million while we frequently see up to $5 million for experienced founders.” 

It was a recurring theme last year. Yele Bademosi, who runs Microtraction, a West African early-stage VC firm, is the CEO of Bundle Africa, a Nigerian-based crypto-exchange startup that raised $450,000 in April 2020. 

Shahry co-founders Sherif ElRakabawy and Mohamed Ewis also run Egypt’s largest shopping engine and price comparison website, Yaoota.

Mono co-founder and CEO Abdulhamid Hassan was the co-founder of Nigerian fintech startup OyaPay and data science startup Voyance. Also, Etop Ikpe, the co-founder and CEO of Autochek Africa, was CEO of DealDey and Cars45.

That said, Fara Ashiru Jituboh of Okra and Akan Nelson of Evolve Credit as first-time founders got investments that most of their counterparts would only dream of. For Jituboh, her solid tech background spoke for her — boasting a senior software engineering job at Pexels and engineering consultant role at Canva before founding Okra.

“We backed Fara because she’s a strong tech founder. When you look at the core of what Okra does as a tech-heavy company, you see how important it was to make the decision,” Muforo said about backing Okra’s CEO and CTO.

Nelson also told TechCrunch that his finance background helped Evolve Credit raise its six-figure sum. The team’s bullishness on finding product-market fit and the potential of Africa’s loan marketplace was also enough to bring foreign and local VCs like Samurai Incubate, Future Africa, Ingressive Capital and Microtraction on board.

While early-stage investments in African startups haven’t reached full speed, the explosion in the number of angel investors has lowered entry barriers into early-stage investing. 

Now investors are beginning to show readiness toward African startups that have promise as they continue to search for the next Paystack. 

“More people are willing to take risks now in the market, especially angel investors. They can easily let go of $10K-$50K because of success stories like Paystack,” Yusuf said about the $200 million acquisition by U.S. payments startup Stripe

For all of its significance to the African tech ecosystem, what particularly stands out about Paystack’s exit is the return on investment made for early investors.

By the time it exited in October 2020, some angel investors had an ROI of more than 1,400% according to Jason Njoku in his blog post. Njoku, who took part in the round as an angel investor, is the CEO of IROKO, a Nigerian VOD internet company.

For Muforo, witnessing more early-stage investments is a big deal, one the African tech ecosystem should savor regardless of the round in question.

“Pre-seed or seed are just names investors and founders give. They can basically mean the same thing, in my opinion,” she said. “What I think is most important is the fact that we’re getting more early-stage capital into Africa, and startups are getting more attention from investors, which is fantastic.”

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Is anything too big to be SPAC’d?

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While many deemed 2020 the year of SPAC, short for special purpose acquisition company, 2021 may well make last year look quaint in comparison.

It’s probably not premature to be asking: is anything too big to be SPAC’d?

Just today, we saw the trading debut of the most valuable company to date go public through a merger with one of these SPACs: 35-five-year-old, Pontiac, Michigan-based United Wholesale Mortgage, which is among the biggest mortgage companies in the U.S.

Its shares slipped a bit by the end of trading, closing at $11.35 down from their starting price of $11.54, but it’s doubtful anyone involved is crying into their cocktails tonight. The outfit was valued at a whopping $16 billion when its merger with the blank-check outfit Gores Holdings IV was approved earlier this week.

Why is this interesting? Well, first, despite UWM’s size, unlike with a traditional IPO that can require 12 to 18 months of preparation, UWM’s path to going public took less than a year, beginning with Gores Holdings IV completing its IPO in late January 2020 and raising approximately $425 million in cash.

Alec Gores, the billionaire founder of of the private equity firm Gores Group, led the deal. It isn’t clear when Gores approached UWM, but the tie-up was announced back in September and ultimately included a $500 million private placement. (It’s typical to tack-on these transactions once a target company has been identified and accepts the terms of the proposed merger. Most targets are many times larger than the SPACs. In fact, according to law firm Vinson & Elkins, there’s no maximum size of a target company.)

Also notable is that UWM is a mature company, one that says it generated $1.3 billion in revenue in the third quarter of last year alone. UWM CEO Mat Ishbia, whose father started the company in 1986, said last fall that the company is “massively profitable.”

It’s a story unlike that of many other outfits to go public recently through the SPAC process. Many — Opendoor, Luminar Technologies, Virgin Galactic — are still developing businesses that need capital to keep going and which might not have found much more from private market investors. Indeed, today’s deal would seem to open up a new world of possibilities, and for companies of all sizes.

Either way, it isn’t likely to hold the record for ‘biggest SPAC deal ever’ for long. Not only is interest in SPACs as feverish as ever, billionaire investor William Ackman is still sitting on a $4 billion SPAC to which he has said he’ll throw in an additional $1 billion in cash from his hedge fund, Pershing Square Capital.

You can bet the deal will be a doozy. Reportedly, Ackerman was at one point looking to take public Airbnb with his SPAC, which began trading in July. When Airbnb passed on the proposed merger, he reportedly reached out to the privately held media conglomerate Bloomberg (which Bloomberg has said is untrue).

Because SPACs typically complete a merger with a private company in two years or less, speculation continues to run rampant about what Ackman will put together. In the meantime, there have already been 59 new SPAC offerings this year — as many as in all of 2019 — that have raised $16.8 billion, and there’s seemingly no end in sight.

Just this week, Fifth Wall Ventures, the four-year-old, L.A.-based proptech focused venture firm, registered plans to raise $250 million for a new blank-check company.

Intel Chairman Omar Ishrak, who previously ran medical device giant Medtronic, is planning to raise between $750 million and $1 billion for a blank-check firm targeting deals in the health tech sector, Bloomberg reported on Sunday.

Gores Group isn’t done, either. On Wednesday, it registered plans to raise $400 million in an IPO for its newest blank check company. It will be the outfit’s seventh to date.

There are now so many companies to go public through a SPAC exchange-traded funds are beginning to pop up, putting together baskets of SPAC deals for investors who want to hedge their bets.

The very newest fund, reported on earlier this week by the WSJ and overseen by hedge fund Morgan Creek Capital Management and  fintech company Exos Financial, will be actively managed and snap up stakes in firms that recently went public by merging with a SPAC, as well as shell companies that are still on the prowl.

It will be joining the world’s first actively managed exchange-traded fund focused on SPACs, the Calgary-based Accelerate Arbitrage Fund, which launched in April of last year.

A second ETF, the Defiance NextGen Derived SPAC ETF, emerged in October.

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Daily Crunch: Alphabet shuts down Loon

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Alphabet pulls the plug on its internet balloon company, Apple is reportedly developing a new MacBook Air and Google threatens to pull out of Australia. This is your Daily Crunch for January 22, 2021.

The big story: Alphabet shuts down Loon

Alphabet announced that it’s shutting down Loon, the project that used balloons to bring high-speed internet to more remote parts of the world.

Loon started out under Alphabet’s experimental projects group X, before spinning out as a separate company in 2018. Despite some successful deployments, it seems that Loon was never able to find a sustainable business model.

“While we’ve found a number of willing partners along the way, we haven’t found a way to get the costs low enough to build a long-term, sustainable business,” Loon CEO Alastair Westgarth wrote in a blog post. “Developing radical new technology is inherently risky, but that doesn’t make breaking this news any easier.”

The tech giants

Apple reportedly planning thinner and lighter MacBook Air with MagSafe charging — The plan is reportedly to release the new MacBook Air as early as late 2021 or 2022.

Google threatens to close its search engine in Australia as it lobbies against digital news code — Google is dialing up its lobbying against draft legislation intended to force it to pay news publishers.

Cloudflare introduces free digital waiting rooms for any organizations distributing COVID-19 vaccines — The goal is to help health agencies and organizations tasked with rolling out COVID-19 vaccines to maintain a fair, equitable and transparent digital queue.

Startups, funding and venture capital

‘Slow dating’ app Once is acquired by Dating Group for $18M as it seeks to expand its portfolio — Once has 9 million users on its platform, with an additional 1 million users from a spin-out app called Pickable.

MotoRefi raises $10M to keep pedal on auto refinancing growth — CEO Kevin Bennett sees the opportunity to service Americans who collectively hold $1.2 trillion in auto loans.

Backed by Vint Cerf, Emortal wants to protect your digital legacy from ‘bit-rot’ —  Emortal is a startup that wants to help you organize, protect, preserve and pass on your “digital legacy” and protect it from becoming unreadable.

Advice and analysis from Extra Crunch

How VCs invested in Asia and Europe in 2020 — The unicorns are feasting.

End-to-end operators are the next generation of consumer business — VC firm Battery has tracked seismic shifts in how consumer purchasing behavior has changed over the years.

Drupal’s journey from dorm-room project to billion-dollar exit — Twenty years ago, Drupal and Acquia founder Dries Buytaert was a college student at the University of Antwerp.

(Extra Crunch is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Everything else

UK resumes privacy oversight of adtech, warns platform audits are coming — The U.K.’s data watchdog has restarted an investigation of adtech practices that, since 2018, have been subject to scores of complaints under GDPR.

Boston Globe will consider people’s requests to have articles about them anonymized — It’s reminiscent of the EU’s “right to be forgotten,” though potentially less controversial.

The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.

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