ITV aims to increase reach among young people with Studio 55 Ventures

• 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.