Yolo Leisure celebrates as major broadcaster invests in TVPlayer
By Josh White
Date: Tuesday 13 Nov 2018
(Sharecast News) - Yolo Leisure and Technology announced on Tuesday that TVPlayer, the television service with more than 100 channels streaming online and in excess of two million active users in the UK market, has announced an £8m Series A round, led by an unnamed major US broadcasting network.
The AIM-traded firm said the investment was an uplift on the last reported value of up to 70%, subject to certain performance targets being achieved during 2019.
Yolo currently has a 3.97% interest in TVPlayer.
The funds raised by TVPlayer would be invested to assist the company's growth plans with three value-enhancing initiatives.
It said the first would maximise its revenues by enhancing its advertising capability with the deployment of dynamic advertising Insertion across its device network, and the second would see the television aggregator invest into growing its subscription proposition through the addition of new channels backed by a new marketing initiative.
Thirdly, it would enhance its cloud-based platform, bringing access to more devices, adding new functionality and improved customer features.
Yolo said TVPlayer's freemium proposition offered value-based subscription television services without a contract, focused on entertainment, documentary and lifestyle shows, which it described as "underrepresented viewing groups" in a market often dominated by film and sport.
The company had already seen more than five million downloads of its app, and was said to be the third largest independent television platform in the UK.
TVPlayer has licensing deals with all major broadcasters including the BBC, ITV, Channel 4 and Five, and pay television providers A+E, Discovery, Fox, Turner, NBC and UKTV.
"The investment by this new strategic broadcasting network together with the previous investment by A&E Networks, one of North America's largest media companies, endorses the considerable achievements of TVPlayer and recognises its considerable potential as it transitions in to a new phase of user experience and commercial delivery," said Yolo chief executive officer Simon Robinson.
"As one of the UK's fastest-growing complete pay-TV services, this smart media technology platform continues to attract impressive user, media industry and investor interest."
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