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ITV has launched an investment fund to back new media and entertainment business ventures that target 16 to 34 year-olds.

Studio 55 Ventures, launched in collaboration with entrepreneurship consultancy Founders Intelligence, has today opened bids for businesses that will “materially enhance” ITV’s reach among the youth audience.

The broadcaster is looking for “deeply ambitious and unique” business ideas from within and outside of the TV industry that could earn seven-figure revenues within three to four years.

ITV said that rather than look for the next Love Island – the biggest show with the demographic – it wanted a “media landscape gamechanger”, citing streaming platforms, eSport apps and TikTok as examples.

It will select eight teams, each of whom will be granted £10,000 and undertake training and mentoring from ITV executives and Founders Intelligence before pitching for long-term investment to ITV chief executive Carolyn McCall and entrepreneurs Graham Cooke and Brent Hoberman.

Successful pitchers will receive material investment from ITV, which will scale up the businesses and offer team members full-time roles.

Further details of the scheme, and how to apply, are available here.

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