brightcovelogo.bmpBrightcove, a company that gives media outlets and other businesses a platform to deliver online video, has raised a whopping $59 million in a third round of funding.

Amid the trend of consolidation hitting the sector, this funding will help tide the company over. There are oodles of other companies doing something similar, from Twistage, to Reality Digital, vSocial and GridNetworks.

Besides, no one can afford to let Brightcove go under. All kinds of media groups are using Brightcove technology to get online, and they’re investing in it too. They include customers The New York Times Company, and Transcosmos Investments & Business Development, which participated in the latest investment. With so much capital, though, you have to wonder whether Brightcove will ever be able to return a profit on the investment.

AllianceBernstein, Brookside Capital, and Maverick Capital led the latest investment. Other investors include Accel Partners, Allen & Company, AOL, General Catalyst Partners, The Hearst Corporation, and IAC/InterActiveCorp.

We first wrote about Brightcove here.

[Update: Bambi Francisco says the value of the company, after the investment, is $220 million]