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Roku Files for IPO, Seeks to Raise $100 Million

Popular streaming device has 15 million active users and pulled in $200 million in sales during first half of 2017

Roku Inc. — maker of the Roku streaming device — filed for an initial public offering on Friday, aiming to raise up to $100 million.

Roku’s S-1 filing showed the 15-year-old company has more than 15 million active users, who stream about 3 hours of content a day. The Los Gatos-based company pulled in nearly $200 million in revenue for the first half of 2017, a 23 percent year-over-year increase.

“Over time, I believe that streaming will allow consumers on-demand access to every movie and TV show ever made as well as brand new categories of short form videos and specialty content,” said Roku CEO Anthony Wood in the filing. “Our mission is to be the TV streaming platform that connects the entire TV ecosystem. We connect consumers with the content they love.”

Roku did not immediately respond to TheWrap’s request for comment.

Perhaps the most striking figure in Roku’s S-1 filing: that Roku players accounted for “approximately 48 percent of TV-connected digital streaming device usage.”

Its S-1 filing revealed Roku makes $11.22 per active user, a 21 percent increase from 2016. The filing noted Netflix accounts for one-third of all Roku streaming — its biggest source of content — but that the revenue generated from Netflix was “not material.” Helping its content partners “maintain and expand their channel offerings” is essential to Roku’s business going forward, the filing stated.

Roku has found success in a space crowded with major tech players, going up against Google’s Chromecast, Apple TV, and Amazon fire. Its high end product, Roku Ultra, can run about $130, although many streamers opt for its $30 Roku Express device. Roku has 5,000 streaming channels in the US and more than 3,000 internationally.