Pipe, which is behind a platform that allows users to treat their recurring revenue streams as assets, meaning they can unlock capital to upscale their businesses, is getting into the entertainment space.The company has acquired UK outfit Purely Capital, which specializes in media and entertainment financing.
Through the deal, Pipe will launch a new media and entertainment division on its platform, which will allow producers, rights owners, and distributors access to immediate up-front revenue from their long-term licensing contracts from investment-grade streaming services and broadcasters, including Amazon, Netflix, and Disney.The companies noted that streaming services and broadcasters typically license content for two to five years from a production company, distributor, or other rights holder, and pay quarterly instalments over the length of the licensing period, meaning revenues are drip-fed.
Together, they plan to allow said rights holders to access that money up front, enabling them to invest more in making or acquiring new content in the short term.As part of the deal, Purely Capital founder and CEO Wayne Marc Godfrey will assume the role of general manager of Pipe’s Media and Entertainment Division, and will be joined by co-founder Dan Abrams and the rest of the Purely team.To date, Purely has originated the purchases of more than 250 titles from its customers, representing over $45 million in revenues, according to the company.“Pipe has built the capital markets engine to connect recurring revenue-generating assets to institutional investors seeking yield,” said Harry Hurst, co-founder, and co-CEO, Pipe. “We are excited to announce the acquisition of one of the leading originators of these assets, Purely
Read more on deadline.com
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