ITV is to extend its Studio 55 ventures for a second year as it looks to expand its reach among 16 to 34 year-olds.
The broadcaster and strategy consultancy Founders Intelligence are now inviting applications for teams of people, from both inside and outside ITV, to apply for the chance to create and scale a business within ITV, with an objective to appeal to younger audiences and have the potential to reach a multi-million pound revenue within three to four years.
Successful finalists from the first round include Metavision, an agency and studio bringing entertainment IP and brands to the Metaverse. The team, led by Rhys Hancock and Luke Price, have already collaborated with John Lewis & Partners and are now growing their team as they bring more brands into the worlds of Fortnite, Roblox and Minecraft, as well as building the next generation of entertainment IP in virtual worlds.
ITV CEO Carolyn McCall said: “It’s been so stimulating and inspiring watching our ambitious entrepreneurs go from strength to strength and as the future of media continues to evolve so rapidly I’m really excited to see what ideas are proposed next – this is an important part of our More Than TV strategy where digital acceleration is a priority.”
Throughout the programme, 14 to 16 teams will receive £10,000 per team for joining the Studio, followed by an intense programme of training and mentoring from ITV Executives and Founders Intelligence, plus access to ITV’s network of strategic assets and contacts.
Further details of the scheme, and how to apply, are available at itv.com/studio55ventures.
ITV will select a small number of businesses in which to materially invest and scale, with members of the successful teams invited to join ITV full time.