A VIDEO platform founded by leading figures from technology and sport is to launch this year and has already caught the attention of rights holders around the world.
Recast’s micropayment solution will allow fans to turn their attention directly into revenue for the sports they support on a non-subscription basis.
Instead of buying rights itself, Recast will connect rights holders directly to fans, allowing an exchange of value through in-app credits called Casts it said.
This provides a solution to sports which struggle to monetise their content effectively. It also offers sports a place to generate revenue from their content without any of the costs associated with building their own Over-The-Top platform.
The firm said that despite still being in beta, this shift has seen rights holders – particularly across sports such as cycling, parkour, obstacle course racing, rugby and many more – gravitate to Recast to enable them to monetise the future fan.
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Recast’s leadership team is said to comprise some of the most highly regarded names in tech and sport. Founder and chief executive Andy Meikle, who founded Sportlobster and took it to a $60 million valuation, is joined by Simon Clegg, former chief executive of the British Olympic Association and Ipswich Town FC, as the company’s founding investor and executive chairman.
Co-founder JC Oliver, a former global head of innovation at Microsoft and global chief creative officer at AOL, takes up the role of chief marketing officer. Leading the engineering team as chief technology officer is Chris Stafford, who co-founded FanDuel.
Mr Meikle said: “Whilst our value proposition has always been built on changing consumption and payment patterns, it’s fair to say that the Covid-19 pandemic has amplified this and has accelerated inevitable change. We were initially expecting these changes to reach a tipping point within the next 18-24 months, however, due to the pandemic and the challenges this has brought with it to all rights holders, the need for change has been expedited.”