With a stated aim of building future media and entertainment businesses and investing in the ideas that it says will define the next generation, the UK’s leading commercial broadcaster ITV has announced Studio 55 Ventures.
A collaboration with venture capital network Founders Intelligence, Studio 55 Ventures will focus on talent, businesses and ideas with 16-34 appeal. It will, claims ITV, pay homage to the broadcaster’s origins and “rich cultural history” to enhance ITV’s reach amongst a key demographic.Effective immediately, applications are open for teams of people, from both inside and outside ITV, to apply for the chance to create and scale a business within the broadcaster, with an objective to appeal to a young audience demographic and a potential to reach a multi-million pound profit revenue within three to four years. The scheme is designed to provide opportunities for talent from diverse backgrounds, as well as people affected by the challenges of the current pandemic, offering aspiring entrepreneurs the chance to build a business without the risks of doing it independently.
ITV says that it is seeking business propositions that are deeply ambitious, unique, solve identifiable consumer needs, leveraging ITV’s unparalleled reach amongst commercial audiences, as well as its wealth of audience insight and viewing data. It adds that ideas should also draw upon ITV’s existing assets within marketing, media and branding in order to gain market advantage.
Ultimately, eight teams of entrepreneurs will be given £10,000 per team for joining the Studio, and they will then embark on a programme of training and mentoring from ITV executives and Founders Intelligence, with access to ITV’s network of strategic assets and contacts. This will culminate in a pitch for long-term investment to ITV CEO Carolyn McCall, alongside top UK entrepreneurs Graham Cooke and Brent Hoberman.
Explaining the reasons for the move, ITV noted that at present, 80% of 16-34s across the UK are registered users on ITV’s video-on-demand platform, the ITV Hub, while Love Island was the most watched programme amongst adults aged 16-34, across any channel in the UK.
“Since our beginning in 1955, ITV has created fantastic content which has entertained millions whilst reflecting and shaping popular culture. We want to continue to do so in the future and Studio 55 Ventures will help us achieve that goal,” McCall remarked. “Investing in people with the passion, vision and drive to ensure ITV remains relevant to younger generations whilst giving us insights into how to evolve in the future is an exciting step forward for ITV. Working with Founders Intelligence will enable us to take this bold step and deliver our strategy of transforming ITV into a digitally led media and entertainment company.”
Further details of the scheme, and how to apply, are available at itv.com/studio55ventures.
