X Factor and Got Talent mogul Simon Cowell is finding a new lease of life getting involved with music startups.
Last year he joined streaming service Roxi as a curator, and now he has taken a stake in another UK-based platform, Lounges·tv.
It’s a video-focused platform where musicians, comedians, fitness trainers and other creators can offer livestreams and on-demand videos, and make money from modes including pay-per-view purchases and viewer tips.
The startup uses an 80:20 revenue share in favour of its creators, and says that it pays them within 24 hours of their livestreams being broadcast.
Cowell is described as being a shareholder in and ambassador for Lounges·tv. “I really believe that creating as many opportunities as possible for talent to be discovered and to build their own fan bases is great for everyone,” he said.
A number of similar livestreaming platforms sprang up during the Covid-19 pandemic, although many have been struggling to find sustainable business models since lockdowns eased.