ITV invests in mobile gaming start-up

UK commercial broadcaster ITV has invested £2.5m (US$3.5m) in mobile entertainment firm Live Tech Games in return for a minority stake in the company.

Carolyn McCall

The investment comes as part of Studio 55 Ventures, the initiative ITV set up in 2020 to invest in new businesses. The scheme is a collaboration with consultants Founders Intelligence and is designed to help ITV reach a younger audience of 16- to 34-year-olds.

Last year, ITV said the scheme would 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.

Live Tech Games specialises in creating live, player-vs-player mobile games, including interactive gameshows, that are accessible to the general public. The games are designed to be played in short five- to 10-minute bursts.

The company was founded by Nathan Moore and Samuel Worsley in 2019 after they left Microsoft to set up their own business.

Eight businesses were shortlisted for the investment, with hopefuls pitching to ITV CEO Carolyn McCall alongside entrepreneurs Graham Cooke and Brent Hoberman.

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