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LONDON (Alliance News) - WPP PLC Tuesday said it has made an investment in Indigenous Media LLC, a new digital studio that produces high-quality scripted content and develops channel brands for content distribution.
In a statement, WPP said it is taking a "significant" minority stake in Indigenous Media alongside FTSE 100 broadcaster ITV PLC.
Indigenous Media will focus on producing scripted hour-long and half-hour long series for digital platforms worldwide, as well as developing multi-platform content brands, WPP said.
"WPP and ITV will contribute advertising and distribution expertise, allowing Indigenous Media to focus on creating content that will attract brand sponsorships, and global distribution on multiple platforms," according to the statement.
WPP said the investment continues its strategy of investing in fast-growing, strategic sectors such as digital video and in new models of content distribution. The group wants to increase the percentage of its revenue it makes from digital to between 40% and 45% in the next five years. In 2013, digital revenue, including associates, were over USD6.0 billion, representing 35% of the USD17.3 billion group total, WPP said.
"The investment also further consolidates WPP's position as the leader in its industry in identifying and investing in companies that create high-quality online and off line content and develop the technology to deliver it to an increasingly digital and mobile consumer," WPP said.
"These relationships enable WPP's companies to help their clients market their brands to difficult to reach audiences with content that cuts through the clutter and is tailored to audiences that prefer to engage across multiple screens and devices," WPP added.
Other investors include Advancit Capital and individuals including Steven Tisch, Michael Price and Aaron Stern, WPP said.
Indigenous Media is based in Los Angeles. It was founded by film makers Jon Avnet, Rodrigo Garcia and Jake Avnet.
WPP shares were Tuesday quoted up 0.2% at 1,262.00 pence per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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