True Royalty TV has embarked on a new funding round and wants to raise $12 million as it looks to expand its royal-themed streaming service. The SVOD player has brought in Laurence Hollingworth, J.P. Morgan’s former vice chairman, EMEA, as chairman of its board as it plots its next moves.
True Royalty TV’s initial seed-funding rounds raised $7 million. Its subscriber numbers currently run into the tens of thousands. Since launch it has secured a distribution deal with Comcast for its Xfinity X1 platform. New third-party distribution deals will be announced shortly.
The new cash will be used on tech, marketing, and content, in part to expand the geographical footprint of the service. It is currently available in Australasia, North America, and the U.K. and Ireland. New markets, including India, and China, where interest in the British Royal Family is growing significantly, are among those targeted for expansion, the company said.
The streamer has also moved into original programming. Its next tranche of original shows includes one-off-doc “Meghan for President?” about Meghan Markle and the issues about which she is passionate.
True Royalty was founded by CEO Gregor Angus, alongside U.K. producer Nick Bullen and branding specialist Edward Mason.
Angus said the expansion will take in working with new distribution partners and going direct-to-consumer in new and existing markets. “Our intention has always been to go not all direct and not all third-party, but [go for] ubiquity,” he told Variety. “Any TV channel needs to be available where people watch television. Our team is thinking less about being pigeon-holed as SVOD, and that we are a TV channel, it just happens to be streamed.”
“I’ve spent my career identifying sound investments with a clear path to profitability and sustainability,” added Hollingworth. “With interest in the Royal Family at an all-time high, True Royalty’s vast library of high-quality Royal content, including its original documentaries and series, and the company’s highly experienced team, I believe this service is particularly well-positioned to continue its extraordinary growth trajectory.”
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