This former Foxtel exec wants to monetise sport stars with an app called 20FOUR
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ASX-aspirant 20FOUR is hoping former AFL defender and sports exec Ben Buckley will be the key to success for a new sport-focused digital network.
The junior media play is looking to raise $1.2 million in a pre-ASX round, before listing via a reverse takeover next quarter.
Mr Buckley is the chairman of the North Melbourne Kangaroos and a former boss of Football Federation Australia and Foxtel sport.
20FOUR’s app and web platform will give sports fans interactive and personalised access to their favourite sports star – including the likes of the NRL’s Billy Slater and Benji Marshall, AFL’s Alex Rance and Tex Walker, netball captain Caitlin Bassett and pro surfer Connor O’Leary.
“20FOUR has identified an untapped market opportunity, particularly in the realm of sports stars, in which the shift of consumer engagement towards short-form social content is unco-ordinated and poorly commercialised,” the company says.
20FOUR believes more than 10 million Australian digital sport fans follow some 7000 athletes across four major codes and countless smaller ones.
About 200 athletes contributes to the site already, attracting 10 million unique visits since its April launch.
The concept draws uncanny similarities to ASX-listed SportsHero (ASX:SHO) which allows sports fans to get in contact with their favourite sports stars as a reward for predicting game outcomes.
SportsHero launched the third version of its app earlier this month, and had lofty goals to achieve 1 billion app users by the end of last year.
20FOUR says it already has revenue-generating deals with Schick, Netflix, Air New Zealand and MJ Bale.
The minimum fund raising target raise would give the company a pre-ASX listing valuation of about $20 million.
Listed investment company Chapmans (ASX:CHP) holds a 39 per cent stake in the business.
“We see [Mr Buckley’s appointment and further appointment of industry leaders as an important part of 20FOUR’s growth,” CHP director Anthony Dunlop told shareholders on Wednesday.
“With over 200 athletes already contracted, 20FOUR is progressing at an impressive rate with revenues growing and delivery of exceptional results across key metrics for our brand partnerships.”
Chapmans shares surged 6 per cent to 1.7c on the news — continuing an upward trend since announcing a blockchain acquisition in mid-December.