U2 bassist Adam Clayton, who has an interest in the just-sold ROXi music video service. Photo Credit: U2start
Self-described “music video streaming service” ROXi has officially sold in a “management buyout,” with multiple broadcasters and U2 bassist Adam Clayton among its stakeholders.
Reps for London-based ROXi reached out with word of the deal, executed via a new company called FastStream Interactive. All told, ROXi/FastStream says it’s drawn support from north of 100 “major” backers thus far.
Those parties include but certainly aren’t limited to Simon Cowell, Robbie Williams, Kylie Minogue, Sheryl Crow, and Alesha Dixon, who all boarded the ROXi train a while ago. At the time, the business was still zeroing in chiefly on providing access to music videos and especially karaoke via smart TVs.
Since then, ROXi, currently counting broadcasters Sinclair (an existing partner) and Gray Media as stakeholders, has adjusted its focus to prioritize “interactive TV channels.”
And it’s these channels that FastStream Interactive head Rob Lewis emphasized when addressing the buyout of ROXi, which was at one point considering an IPO.
“The new technology, FastStream, will revolutionise Broadcast TV,” indicated Lewis. “For the first time in history, consumers tuning into a normal TV channel will find they automatically start at the beginning of the program, and that they are able to skip, pause or search, even though they are watching normal Broadcast TV.”
Running with the idea, FastStream took the opportunity to confirm its forthcoming release of “America’s first Interactive TV Music channel,” referring to ROXi. This free offering is said to be teed up to debut via “new digital TV standard” NextGen TV – which Sinclair CEO Chris Ripley has been touting for some time – with no app or registration required.
NextGen, for its part, describes itself as “the biggest leap forward in TV in years” and claims to combine “the benefits of broadcast with broadband TV viewing.”
With an antenna required for access, NextGen before 2028 will be supported by 75% of U.S. TVs sold, FastStream estimated.
“FastStream Interactive will empower Sinclair to deliver a range of cutting edge, fully interactive TV channels,” summed up Sinclair VP and GM of technology business development Skip Flenniken. “Our viewers across the U.S. will be able to search, skip, and engage with content in a seamless, personalised experience.”
Besides the initially mentioned U2 member as well as Gray and Sinclair, other ROXi/FastStream stakeholders include Terra Firma Capital Management founder Guy Hands, businessman Jim Mellon, and longtime Rothschild partner Warner Mandel.
Mergers and Acquisitions, Music Apps, Music Industry News, Music Streaming, Music Videos
This post was originally authored and published by Dylan Smith Digital Music News via RSS Feed. Join today to get your news feed on Nationwide Report®.
