Disruptive pay-per-view streaming platform smashes £950K crowdfunding target within 48 hours, highlighting demand for industry change
A pay-per-view streaming platform that promises to pay content creators 80% of stream revenue has exceeded its £950,000 crowdfunding target within 48 hours of launch.
Created to disrupt conventional streaming models based on advertising share, Lounges.tv provides creators with the tech tools they need to showcase their talent and connect with audiences who are prepared to pay for quality, entertaining content.
Unlike conventional streaming platforms, Lounges.tv will pay all creators 80% of the stream revenue within 24 hours – meaning millions of unheard individuals worldwide can now generate a viable income from their talent.
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Founded by tech entrepreneur Scott Green and led by a proven advisory board, including Ben Lavendar, the creator of BBC iPlayer, and Mervyn Lyn, the ex-GM of Motown Records, Lounges.tv has a pre-money valuation of £7.9 million.
The launch of the Lounges.tv crowdfunding campaign comes as media reports continue to question the minimal returns delivered via existing streaming providers – driving hundreds of content creators to invest in the new, challenger platform.
“The revenue models of existing streaming platforms are deeply flawed in that only a small percentage of people can financially gain from uploading and sharing their content – despite the many millions of unheard and talented individuals worldwide,” said Green.
“Lounges.tv not only provides a platform for these people to showcase their talent across many popular areas such as music, comedy, education, cooking and wellbeing, but also ensures they are fairly rewarded, while providing a new exciting and interactive streaming platform for audiences to enjoy.
“With experts predicting 82% of internet use will be for streaming by the close of 2022, not only are the Board and I incredibly excited about our potential to disrupt and transform the industry but feel extremely encouraged by the early success of the crowdfunding campaign – so watch this space.”
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Having grown exponentially in recent years, the streaming market is forecast to be worth $247bn by 2027.
Currently live via Crowdcube, the Lounges.tv crowdfunding campaign will officially close by 20th October 2021, where investors will be awarded a collective equity stake in the business.
Due to launch in Q1 2022, thousands of creators have already pre-registered to stream content via Lounges.tv.