Video-sharing website BitChute seeks to raise $10 million in new funding at a valuation of $750 million to $1 billion, according to one of its investors and a presentation seen by Reuters.
Has the startup, which bills itself as a free-speech alternative to Alphabet Inc (GOOGL.O) YouTube and other platforms, had? Negligible? Revenue to date, shareholder Jeffrey Wernick said. He added that the firm plans to add new features that allow live streaming and the payment of content creators by users.
BitChute, launched in 2017, moderates content beyond spam and legal requirements, such as removing posts referencing mass shootings or inciting violence. It has also banned accounts and removed videos that show neo-Nazism, Holocaust denial, or support for terrorist groups.
Fewer than half of the 200 prominent accounts the Center studied in June 2022 contained any political orientation, value, or identity appeal, a smaller share than four other alternative social media sites the Center examined (Truth Social, Gab, Gettr, and Parler). The site also hosts violent and offensive material, including videos by a creator who called for attacks on U.S. lawmakers in January.
Prominent BitChute accounts solicit donations from their followers through Patreon and other crowdfunding websites. Those sites make money by charging users for content creators’ subscriptions and selling merchandise. In the past, BitChute has offered accounts for free.
