Plex has previously stressed the need to maintain “increasing costs”, including providing support for many different devices and codecs. It also said it needed funding to implement new features, including integration with Common Sense Media, a new “bespoke server management app” to manage server users, and “an open and documented API for server integration, including custom metadata agents.”
In January 2024, TechCrunch reported that Plex was close to profitability and raised $40 million in funding (Plex raised a $50 million growth equity round in 2021). Theoretically, the new remote access rules could also increase subscription revenue and help Plex backers see a return on their investment.
However, Plex’s growth may alienate longtime users who have relied on Plex as a media server for years and who are not interested in subscriptions, FAST (free ad-supported streaming TV) channels, or renting movies. However, Plex is unlikely to abandon its streaming business. In 2023, Scott Hancock, Plex’s then-vice president of marketing, said that Plex would have more people using its online streaming service than using its media server features by 2022. For people wanting a software package focused more on media hosting, Plex alternatives like Jellyfin are looking increasingly attractive.
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