Sky Makes Further $1.3M Investment in TV Rights Online Platform TRX
The company enables TV rights buyers and sellers from around the world to complete licensing deals entirely online.
Pan-European pay TV giant Sky has invested a further £1 million, or nearly $1.3 million, in TRX, which enables TV rights buyers and sellers from around the world to complete licensing deals entirely online.
Sky made an initial investment of the same size last August, with Britain's Channel 4 also bamong the investors in the company at that time. The size of Sky's minority stake in TRX wasn't disclosed.
The latest investment brings TRX’s total funds raised to date to £10 million, or nearly $13 million. Other TRX investors include angel investors, many of them from the media and finance industries, and founders David and Matthew Frank.
"TRX enables TV program buyers to search for content, get instant rights availabilities and make offers for program rights all online," the company said. "TRX sits within the global secondary TV rights export market, estimated to be worth in excess of $5 billion per annum. Its aim is to make TV deals easier, quicker and more efficient for sales teams and buyers."
More than 60 international distributors, including Sky’s production and distribution business, Sky Vision, and over 300 buyers have been using TRX to buy and sell TV rights, according to the company. The service is scheduled to come out of its beta test in the fall ahead of a full global launch.
TRX, founded in 2015, aggregates titles from more than 60 distributors, including All3Media International, Discovery Communications and Sky Vision.
"Sky spends £6 billion [$7.7 billion] annually on content," said Emma Lloyd, group director business development & strategic partnerships at Sky. "As we build a thriving production and distribution business in Sky Vision and increase our investment in Sky Original Productions, international sales are becoming ever more important. TRX is an exciting business for us to be invested in, and we look forward to working with them as they expand globally."
David Frank, executive chairman at TRX, said: "Sky is at the vanguard of investing in disruptive start-ups in the technology and media space. We are extremely pleased that it has decided to double its financial commitment to TRX. This investment will help drive our global rollout."