UK Music Streaming Start-Up Secures £13m Investment from Celebrities
Start-up music streaming site Roxi is on track to be worth £50m, after securing £13m of investment from various celebrities - including Kylie Minogue, Alesha Dixon, Robbie Williams and former EMI Chairman Guy Hands.
It's is set to compete against the UK's major music distribution companies, such as Spotify and Apple Music - but instead focusing on streaming "made for TV", offering users karaoke, games, and yoga classes. It is currently available on Sky Q and Google's Android TV, but this investment will expand the site even further, with investors anticipating its flotation on the London Stock Exchange at £200m. The expansion also comes after an increase in demand for during lockdown for interactive entertainment, especially on TVs. Edward Spencer-Churchill, a co-founder and invested said: “We are excited by Roxi’s opportunity to deliver unique, fun music entertainment experiences into the home. The potential is huge, with mass-market appeal and a nation waiting to be entertained.”