ITV launches second round of Studio 55 Ventures initiative targeting 16-34s

UK commercial broadcaster ITV has launched a second round of its Studio 55 Ventures initiative.

Carolyn McCall

Started in 2021, Studio 55 Ventures sees ITV back new media and entertainment businesses and invest in ideas aimed at materially enhancing the broadcaster’s reach among 16- to 34-year-olds.

A collaboration with strategy consultancy Founders Intelligence, year two of the scheme will continue its aim of finding and growing innovative and future-facing media businesses.

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

Successful finalists from the first round include Rhys Hancock and Luke Price’s Metavision, an agency and studio bringing entertainment IP and brands to the metaverse, and Samuel Worsley and Nathan Moore’s live shortform mobile games company Live Tech Games.

ITV also backed Stephen Mai’s Woo, a new-media brand and marketplace launching at the end of April, with a mission to make wellness relatable and culturally relevant for Generation Z.

Applications for year two are now open for teams of people both inside and outside ITV to apply for the chance to create and scale a business within ITV, with an objective of appealing to younger audience demographics and have the potential to reach a multi-million pound revenue within three to four years.

The propositions should leverage ITV’s reach amongst commercial audiences, as well as its audience insight and viewing data. The ideas should also draw upon ITV’s existing assets within marketing, media and branding, in order to gain market advantage.

Throughout the programme, 14 to 16 teams will receive £10,000 (US$12,900) each for joining the studio, followed by an intense programme of training and mentoring from ITV executives and Founders Intelligence, plus access to ITV’s network of strategic assets and contacts.

A final six to eight will then have the opportunity to pitch for significant long-term investment to ITV’S CEO Carolyn McCall, alongside UK entrepreneur Graham Cooke and Maria Raga, CEO of e-commerce firm Depop.

McCall said: “It’s been so stimulating and inspiring watching our ambitious entrepreneurs go from strength to strength and, as the future of media continues to evolve so rapidly, I’m really excited to see what ideas are proposed next. This is an important part of our More Than TV strategy where digital acceleration is a priority.”