The music platform ROXi, which was established in 2014, has retained the services of Begbies Traynor Group in order to assist with the process of raising millions of pounds in additional finance in the coming weeks.
Simon Cowell, Kylie Minogue, and Robbie Williams are among the shareholders of a music streaming business that is attempting to raise millions of pounds within a short period of time.
According to data gathered by Ealyrise, ROXi has enlisted the help of professional services company Begbies Traynor Group to assist Rockefeller Finance Management in looking for new financing.
ROXi, which was established in 2014, has referred to itself as the world’s first “made-for-television” service. It gives users the ability to stream millions of songs and download hundreds of thousands of karaoke files.
Alesha Dixon and Adam Clayton, bassists for U2, are among the notable individuals who have indicated their interest in investing in the venture.
In addition, ROXi’s shareholders include three of the most prominent record labels in the world: Sony Music, Universal Music Group, and Warner Music.
Nigel Wray, a former owner of Saracens; Sir Ron Dennis, a former leader at McLaren; and Guy Hands, a private equity magnate, are just three of the prominent players from the business world who have shown their support for the company for some time now.
The total amount of money that Roxi has raised from its group of investors is forty million pounds. ROXi has a distribution arrangement in the United Kingdom with Sky, which is the parent company of Sky News.
The company has made it clear on multiple occasions that a stock market flotation is one of its long-term goals.
An American media firm and a broadcaster based in the United States, whose identity is believed to be Sinclair, have reportedly been engaged in lengthy conversations for several months over the sale of an equity part in the company. However, a deal has not yet been finalised.
A cooperation between ROXi and Sinclair was announced earlier this year, with the intention of launching three interactive music channels on devices that are compatible with ROXi.
Rob Lewis, the chief executive officer of ROXi, stated in January that the company’s agreement with Sinclair would “revolutionise what constitutes broadcast television for millions of households across the United States.”
“Viewers will get instant access to TV music channels that feature the interactivity and capabilities of a music app, without having to download or launch an app.”
It has been reported that Begbies Traynor has been in contact with potential investors over the past several weeks. It is believed that a deadline for attracting new finance has been established for the beginning of the next month.
In order to roll out the FastScreen technology, which enables people to watch classic linear TV channels in the same way that they access modern streaming services, it was necessary to obtain funding from the United States, according to a person who is close to the company.
There was a lack of clarity over the terms of a stock investment from Sinclair or another American broadcaster over the weekend. It was also unclear whether the investment would proceed.
In response to a question from the public, the board stated, “In order to enable a launch into the US broadcast market in 2024, the board is progressing several active funding solutions, including proposals for funding from existing major shareholders, management, and a number of US broadcasters, and is confident of making a positive announcement shortly.”
As Mr. Lewis has stated, ROXi is not intended to compete with music-streaming applications like Apple Music or Spotify; rather, it is designed to provide users with the opportunity to have visual music experiences on the largest screen in their homes, which is the television in their living room setting.
“ROXi has one of the most stellar investor lists of any company in the music industry; it deserves to succeed,” remarked an investor over the weekend. “ROXi deserves to succeed.”
An insider further stated that if the company was successful in its search for additional capital, it was anticipated that the nomination of a new chairman would be triggered. This new chairman would take over for Rupert Howell, who had previously served as the chairman of ITV but had just resigned from his position.
In the event that ROXi’s hunt for capital would not result in a successful conclusion over the following few weeks, it was not obvious what the company’s subsequent actions would be.
According to the announcement made by the company’s spokesperson, the financial figures for the previous year are not yet available.