LONDON (CelebrityAccess) – Formula 1 mogul and former CEO and chairman of McLaren Technology Group, Ron Dennis, has acquired a 10% stake in UK streaming service Roxi Music.
Billed as the world’s only “Made-For-TV” music entertainment system, Roxi says its “mission is to bring families together through fun shared experiences enabled by music technology products.”
“Kids today spend over 23 hours per week glued to their small screens, over twice the time they spend interacting with their family,” said Dennis. “The big picture is we need to get kids off tablets, phones and headphones, and to start enjoying fun shared entertainment experiences together.”
He added: “I’m investing in Roxi as it provides an antidote; getting kids off smartphones and iPads and gets them enjoying lots of different musical experiences together with their parents, siblings and friends – and all through a fun interactive experience that involves music, games and singing. The next revolution in family-friendly entertainment will be big screen centric experiences, and Roxi is well placed to kick start this revolution.”
Rob Lewis, CEO of Roxi, said: “Ron Dennis is one of the UK’s most successful entrepreneurs, having founded and grown the McLaren Technology Group. Having Ron join our team will help us deliver Roxi’s shared music experiences to more families, more rapidly, in more countries, giving families more quality time together and less time isolated on smartphones and tablets. Ron Dennis’ investment in Roxi enables the business to ramp up marketing and manufacturing for Q4, just ahead of our planned IPO on AIM which will take place as soon as Brexit and other political uncertainty is resolved.”
Roxi’s current backers include Robbie Williams, Alesha Dixon, Sheryl Crow, and former U2 manager Paul McGuinness.