ITV, in collaboration with Founders Intelligence, has launched Studio 55 Ventures, a new initiative designed to platform talent from diverse backgrounds, improve reach among 16-34 year olds and offer aspiring entrepreneurs the chance to build a business.
What is ITV looking for?
ITV is seeking to seed the media and entertainment businesses of tomorrow.
Applications are being sought for eight teams of people drawn from inside and outside the broadcaster to scale businesses with an appeal to the target demographic.
Each team will be handed £10,000 to progress their vision, aided by training and mentoring provided by senior ITV and Founders Intelligence figures.
Unique business ideas which aid the consumer and hold the potential to turn a multi-million-pound profit within four years are being sought.
Selected enterprises will draw upon ITV’s in-house marketing, media and branding assets to fast-track growth.
Talent from diverse backgrounds is being solicited, including people affected by the current pandemic.
Each team will pitch directly to ITV chief exec Dame Carolyn McCall, with a small number of businesses set to benefit from material investment, and those members invited to join ITV full-time.
Why does ITV want to invest in younger audiences?
ITV is seeking to capitalise on the 80% of 16-34 year olds across the UK who are registered on the digital ITV Hub platform.
In doing so the broadcaster hopes to build on the so-called ‘Love Island’ effect which has drawn young people to it in droves.
This comes against a backdrop of decline among traditional broadcasters coming off second-best among young audiences in their tussle with Netflix and YouTube.
ITV is scrabbling to plug an advertising black hole in its finances precipitated by the coronavirus pandemic, described as one of the most challenging periods in its history.