An online deal-making platform for TV rights licensing, which aims to be the “Airbnb for the TV industry”, has pocketed a £2m cheque from creative sector investor Edge Investments.
The RightsXchange (TRX), which already boasts names such as Gogglebox creator All3Media and Fortitude producer Sky Vision on its platform, has previously received £2m of funding from Sky Ventures and £7m from backers including its founders, a number of private investors and the Channel 4 Growth fund.
Its platform allows TV programme creators to advertise their shows for buyers to browse and buy licences for, cutting out several steps in what is currently an inefficient process.
“The way in which people do TV rights deals has stayed pretty much the same. People go to Cannes twice a year and get drunk on yachts, which sounds quite nice but it woefully inefficient,” said James Duffen, TRX director.
“If you're a buyer right now, you have to access each distributor's individual catalogue, go through it, find the titles you're interested in and request to see if the licence you want is available. It takes forever.”
As well as providing operational efficiency to larger players, the platform also allows smaller producers to market their programmes internationally at much less expense.
“TRX is a really exciting business: it is the only platform that offers sellers and buyers the means to close deals entirely online from start to finish,” said Edge investment manager Jo Smith.
The platform is also well-placed to take advantage of growth trends in the TV sector, caused by the boom in video-on-demand services and the rising popularity of products from abroad.
“Scandinavian dramas and Latin American TV novellas sell around the world. There's an increasing appetite,” said Duffen.
“Outside dramas, you get wildlife documentaries and history programmes which do well because you can dub them. They have an enduring international appeal.”
Edge has also invested in businesses such as podcast platform Audioboom and video platform Newsflare.