UKFast to invest ‘millions’ in interactive TV
UKFast, the Manchester-based web hosting company, has revealed plans to invest “several million” in the latest string to its diversification strategy – interactive internet TV.
The company recently revealed its diversification strategy, with immediate plans to invest £1m in launching recruitment and IT security divisions.
Founder Lawrence Jones told TheBusinessDesk the company is also gearing up to branch out in to internet TV.
It has already invested £350,000 in the project over the past couple of years, has recruited Claire Cadman from Endemol in readiness for a “serious launch” of a paid for model in the next 12 to 18 months.
Mr Jones said: “It’s a longer game to launch something like this. It’s a big project and when we are ready to push the button we will invest several million. Now it’s about getting the software and content team right.”
He added: “With our software we could have a paid for model for boxing promoters for example, and we can cut TV channels out completely.”
The company already has more than 400 videos uploaded to ukfast.tv, which are mostly training related and for existing business customers, but it plans to start tendering for commissions to create interactive TV content.
Mr Jones said that as people increasingly watch TV content online, there is an opportunity to develop that and make content more interactive.
He said: “TV is in trouble because it’s not interactive with things like games and 3D challenges.
“The idea started with training people, so it will have applications within our training division. Yes we can use it for training, with videos linked to casework and tests, but there is more we can do. This is the way TV is going.
“No-one has been successful at this yet because TV companies don’t understand interactivity.”
Turnover for the firm, which employs around 110 staff, stood at £10m for the year to the end of December 2009, up 56% on the previous year, with profits doubling to £1.8m. It expects turnover to increase 70% in 2010, to £17m.
