ITV forms JV to target young demo

UK comedy drama Doc Martin will end after its 10th run

UK broadcaster ITV has launched Studio 55 Ventures, a collaboration with consultancy Founders Intelligence that seeks to invest in new business ideas aimed at enhancing ITV’s reach among young audiences.

Applications have opened today for what ITV describes as “ambitious” and “unique” business propositions that “solve identifiable consumer needs.”

The objective is to appeal to the 16-34 demographic, with the potential to reach multimillion-pound revenue within three to four years.

ITV said the scheme will provide opportunities for talent from diverse backgrounds, as well as people affected by the challenges of the coronavirus pandemic, offering aspiring entrepreneurs the chance to build a business without the risks of doing it independently.

The broadcaster is looking for eight teams of entrepreneurs who will be given £10,000 per team for joining the studio, followed by an intense programme of training and mentoring from ITV execs and Founders Intelligence.

This will culminate in a pitch for long-term investment to ITV’s CEO Carolyn McCall, alongside entrepreneurs Graham Cooke and Brent Hoberman.

ITV will ultimately select a small number of businesses in which to invest and scale, with members of the successful teams invited to join ITV full time.

McCall said: “Investing in people with the passion, vision and drive to ensure ITV remains relevant to younger generations whilst giving us insights into how to evolve in the future is an exciting step forward for ITV. Working with Founders Intelligence will enable us to take this bold step and deliver our strategy of transforming ITV into a digitally led media and entertainment company.”

In related news, ITV is cancelling long-running medical comedy drama series Doc Martin after airing it for 16 years. The show, which debuted in 2004, will end following its forthcoming 10th season.