Simon Cowell has become the latest investor in music TV streaming service Roxi. Roxi aims to offer a blended Spotify and MTV experience, and the British company is embarking on expansion to the US.
Roxi, which has already attracted investors such as Kylie Minogue, Robbie Williams, record labels Universal, Sony and Warner, has turned the creators of the X Factor and Got Talent TV franchises into an exclusive music venue for its users. I signed up as a video playlist curator.
The London-based company, which claims to have more than 1 million fans using its ad-supported free service or subscription tier at £6.99 per month since it launched in the UK and Ireland last year, is now available. I also signed a contract. on a samsung smart tv.
Cowell, who signed a $125 million (£103 million) deal to securitize his Got Talent franchise globally in October, said:
He joined Roxi as it prepared to launch in North America next year, and was approached by two unnamed companies seeking deals to make the streaming service available to customers.
Roxi CEO and Founder Rob Lewis said: “The right partnerships with key players in this space will allow Roxi to accelerate its adoption by several years, especially in the US market.”
Roxi, which offers 90 million music videos, hundreds of music channels and 400,000 karaoke tracks, hired Rockefeller, the company’s financial advisor, to finalize the right deal, Lewis said. and new partners are likely to join the business.
“The United States is the world’s largest smart TV market and the world’s largest music market by revenue. It has high potential and is important for the rapid growth of the business.”
Roxi has UK distribution deals with Sky for Sky Q, Amazon for Fire TV and Google for Android TV.
Cowell joins a list of backers that includes McLaren Formula One team founder Ron Dennis, Saracens Rugby Club boss Nigel Ray and Guy Hands, founder of private equity firm Terra Firma. music business EMI.