Sky, Europe’s leading media and entertainment company, and Edge Investments (‘Edge’), the UK’s leading creative industries specialist, have both invested further in TRX, the B2B online licensing platform for TV rights.
The investment round of £2.9m (which was also supported by other existing private investors) brings the total funds raised by TRX to £14m. TRX will use this latest investment to develop further its proprietary technology and to continue its worldwide rollout. The platform is now used by 110 TV rights distributors (including BBC Studios, Sky Vision and Lionsgate) and more than 1,000 buyers.
TRX has grown rapidly in 2018, more than doubling both the hours listed on its marketplace (70k hours) and its number of registered buyers (up from 500 in Q1). The volume of transactions made on the platform has quadrupled since Q1, with the average deal value rising each month. This follows the release of new functionality designed to help TV rights executives sell and acquire content more easily, including instant availability reports (four rights management systems have integrated with TRX) and avails-informed marketing campaigns.
Jane Millichip, Managing Director at Sky Vision, the production and distribution arm of Sky, said: “TRX offers end-to-end programme rights transactions and fulfilment, and keeps the buyer/seller relationship at the heart of the deal. Going live on TRX with the entire Sky Vision catalogue is an important step for us. We applaud our partners at TRX for the incredibly smart product they have painstakingly built.”
David Glick, CEO of Edge said: “Edge invests in innovative businesses, supporting entrepreneurial management teams for the long run. TRX ticks those boxes.”
David Frank, Executive Chairman of TRX said: “Sky and Edge have been instrumental in building the TRX business and I’m delighted that they continue to support us at this very exciting time. This year has been a turning point for TRX both in terms of activity and deals negotiated on the platform. We look forward to rolling out TRX to more distributors and buyers in 2019, helping them do more deals with less hassle.”