U.K. TV giant ITV continues to invest in areas outside its core competency to reach younger audiences in new ways, unveiling a stake in mobile gaming firm Live Tech Games Ltd.
ITV said Monday that the £2.5 million ($3.5 million) cash infusion will give it a minority stake of undisclosed size.
“Live Tech Games is pioneering a new wave of mobile entertainment, creating live, player-vs-player, accessible, short-form games and transforming them into rewarding nationwide experiences on your mobile phone,” the company said. “The company is developing simple games that are designed to bring the general public together in short five-to-10-minute bursts that enrich their daily routines.”
The investment is part of Studio 55 Ventures, an ITV initiative launched in 2020 with a focus on to backing new business ideas that are “unique, solve identifiable consumer needs and which are aimed at materially enhancing ITV’s reach amongst 16-34 year olds.”
ITV also unveiled two other Studio 55 investments on Monday. One is in Metavision, “an agency and studio bringing entertainment intellectual property and brands to the Metaverse.” The company will “lead the expansion of ITV’s IP and brand partners into Metaverse platforms, as well as driving the group’s long-term strategy around the convergence of gaming and entertainment in these spaces,” ITV said.
The second investment is in Woo, a wellbeing-driven media platform, lifestyle brand and marketplace that is “Reimagining wellness for Generation Z, making solutions for mental health and wellbeing relatable, aspirational and culturally relevant.”
“When we launched Studio 55 Ventures, we set out to find business propositions that could increase our engagement with 16-34 year olds by leveraging ITV’s globally recognized IP and our unparalleled commercial audiences,” said Dan Colton, group strategy and transformation director at ITV. “I’m thrilled that we’re able to bring the ambitious entrepreneurs behind Live Tech Games, Metavision and Woo into the ITV fold.”
In March, ITV, led by CEO Carolyn McCall, acquired a £2 million ($2.74 million) stake in location technology company What3words in return for advertising inventory. The start-up divides the world into areas of three square meters and gives each its own three-word identifier.