Barclays launches £100m SVOD fund

Barclays has launched a £100 million (US$125.6 million) for fund TV production in the UK.

The UK bank said the fund is designed to meet the changing needs of the production sector, notably the rise of Netflix and the SVOD players.

With revenue from SVOD sales often spread over a longer period, Barclays said that producers face a funding challenge and the bank has developed Barclays SVOD Financing to help content companies working with streaming services.

It allows producers to borrow money over a longer period, allowing, it says, a more efficient way to manage cashflow.

“The creative industries in the UK are world famous due to the range and quality of content they produce,’ said Lorraine Ruckstuhl, head of media at Barclays Corporate Banking.

“We created this fund and developed Barclays SVOD Financing, to help UK SMEs continue to compete both in the UK and internationally, support increased employment, and create even more great programmes.”

People Just Do Nothing prodco Roughcut Television has already used the fund, Barclays said.

Roughcut commercial director Tim Sealey said: “Netflix are notorious for paying over a long period, our arrangement with Barclays enabled us get access to the cash much earlier, which meant that we could put it to work by investing in further development.

“Another side benefit is that it improves our relationship with the writers and artists as they get their royalties quicker too.”