Pan-European broadcaster Sky has invested a further £1 million (€1.09m) in TRX, the online deal-making tool for TV rights, following its initial investment of £1 million in August 2016.
This latest investment brings TRX’s total funds raised to date to £10 million. As well as Sky, investors include the Channel Four Growth Fund, angel investors (many of whom are from the Media and Finance industries) and the founders, David Frank and Matthew Frank. Sky remains a minority shareholder in the business.
TRX enables TV programme buyers to search for content, get instant rights availabilities and make offers for programme rights all online. 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.
Over 60 international distributors, including Sky’s production and distribution business, Sky Vision, and over 300 buyers use TRX to buy and sell TV rights. The service will come out of its beta-test in autumn ahead of a full global launch.
“Sky spends £6 billion annually on content,” advised 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.”
“Sky is at the vanguard of investing in disruptive start-ups in the technology and media space,” noted David Frank, Executive Chairman at TRX. “We are extremely pleased that it has decided to double its financial commitment to TRX. This investment will help drive our global roll out in autumn 2017.”