LONDON (CelebrityAccess MediaWire) — Robbie Williams’ former adviser, Patrick McKenna, has created two specialist investment groups named Ingenious Media. They are venture capital trusts listed on the Alternative Investment Market (AIM), each dedicated to finding investment opportunities in live entertainment.
Ingenious Media is hoping to persuade investors to invest up to £50 million to take advantage of Britain’s growing appetite for summer festivals, concerts and exhibitions. McKenna left accountancy to work for Lloyd-Webber at the Really Useful Group. At Ingenious, he helped Robbie Williams win an £80m deal from EMI, funded and co-produced the hit films Wimbledon and Bride and Prejudice, and advised on a £23m deal for Hat Trick, maker of Have I Got News For You.
McKenna said that live events were becoming an increasingly important component of media “as consumers seek unique shared experiences to augment their increased consumption of digitally delivered content”.
According to the Office for National Statistics’ Expenditure and Food Survey, household spending on live events, including theatre and music, was £1.46 billion last year, a 50 per cent increase on 2004.
Both venture capital trusts, specializing in music, raised £45 million. Artists backed by the trusts include a band called The Heights, who are being provided with £300,000 towards their recording costs, tour plans and other marketing bills.
The trusts have been open for applications to invest since last Wednesday.