Streaming measurement company Antenna raises $4.2 million seed round

Antenna, a new streaming measurement company, has raised a $4.2 million seed round from Raine Ventures, the venture arm of The Raine Group, which has invested in high-profile media and tech companies like Soundcloud and Foursquare.

Why it matters: The transition to digital streaming and mobile phones has created an opportunity for new entrants to disrupt the media measurement industry.

Details: Raine is being joined by a group of angel investors, including other media industry startup founders and thought leaders.

• The money will be used to launch online client tools and to expand its measurement coverage into consumer subscription verticals outside of entertainment streaming, such as gaming, audio and health and wellness.

Between the lines: Antenna, which launched in February, entered the space ahead of the biggest streaming boom in recent history, driven by the pandemic.

• The company has risen to quick prominence among media insiders, who use Antenna's data to help measure user purchase behavior and key subscription metrics across the subscription media landscape.
• Most notably, the company measures churn, or how often people cancel their subscription services.
• The company was co-founded by veteran digital media and measurement executive Jonathan Carson and former Axios and Mic head of audience and analytics Rameez Tase.

The big picture: Amid the pandemic, with so much more traditional media businesses pivoting to digital, a lot more money has been flowing into media measurement companies.

• DoubleVerify, an ad fraud measurement company, raised $350 million last month.
• SimilarWeb, an Israeli-based internet measurement company, raised $120 million last month, bringing its total funding to-date to $240 million.

Editor's note: Rameez Tase is a former Axios executive.