Channel 4’s investment arm has backed the creators of an immersive Elvis Presley show in a £1.75m deal, as the public broadcaster continues a drive to diversify its revenue streams.
Channel 4 Ventures has invested in Layered Reality, a British immersive entertainment company, through a so-called media for equity arrangement.
The television channel, which is funded entirely by its commercial activities, swaps advertising slots in return for equity stakes in the seed to pre-IPO companies it backs.
The deal will allow Layered Reality’s productions, including its upcoming ‘Elvis Evolution,’ to feature during advertising slots on Channel 4, boosting their reach to television audiences for the first time.
“Layered Reality is determined to be best in class at what we do,” said Andrew McGuinness, founder and chief executive of Layered Reality. “This means seeking out similarly minded partners and Channel 4 is certainly one of those.”
Layered Reality recently won the global rights to create an immersive experience based on the life of American singer Elvis.
Set to open in London in Spring 2025, ‘Elvis Evolution’ will use artificial intelligence (AI), augmented reality, live theatre and multi-sensory effects to resurrect the ‘King of Rock and Roll.’
Opening in London in Spring 2025, ‘Elvis Evolution’ will bring the global musical icon back through the power of AI, augmented reality, live theatre and multi-sensory effects in a celebration of his life and legacy.
This latest deal follows a series of recent investments by Channel 4 Ventures, including stakes in Fy!, a home and living marketplace, and Vinterior, a second-hand furniture platform.
Vinay Solanki, head of Channel 4 Ventures, said: “We’re leading the way in showcasing the potential of media-for-equity for brands, and we’re proud to invest in another business which is a leader in its field.
“We think live events might be the best use case for AR and VR, and we believe there is a fit using globally recognised brands and IP, like Elvis. This deal is another example of how we can deliver commercial impact for businesses that team up with us,” Solanki added.
To date, Channel 4 Ventures has signed similar media-for-equity style deals with around 50 businesses, including Pinterest and online estate agent Purplebricks.