TLDR:
- Recast raises US$5 million in an investment round led by Morpheus Ventures to pivot into a micropayment platform for sports.
- New service offering includes smart payment platform, smart syndication engine, and micropayment wallet.
Recast has raised US$5 million in an investment round led by US venture capital fund Morpheus Ventures as it looks to evolve from a pure streaming service into a micropayment platform for the sports industry. This funding round also included Airstream Ventures and Cooley as participants. The company aims to use the investment to expand its smart payment platform and micropayment wallet to cover all digital products, not just video.
Initially, Recast’s pitch was to help rights holders monetize content and adapt to changing consumption habits by offering live events, highlights, and original content in exchange for credits that could be purchased or earned by watching ads. The company had high-profile partnerships with sports clubs like Manchester City and Inter Milan. However, it entered administration in 2023 but was later rescued by Content Technology Partners (CTP).
The platform now aims to apply its principles to various areas of content and fan engagement, focusing on making it easier for media owners to generate revenue and capture data while providing consumers with seamless and affordable content access. Recast CEO, Andy Meikle, highlighted the company’s transformation into a dynamic fintech platform for the media industry.
The funding will be utilized to further develop Recast’s smart payment platform and micropayment wallet to encompass all digital products. With the backing of prominent investors and industry experts, Recast is poised to revolutionize digital content monetization and distribution.
