A new video platform has been unveiled by a Scottish company in a bid to transform the sports broadcasting landscape, and is already attracting interest from rights’ holders from around the world.

Recast’s new micropayment solution will allow fans to turn their attention directly into revenue for the sports they are passionate about on a non-subscription basis.

Instead of buying rights itself, Recast will connect rights’ holders directly to fans, allowing an exchange of value through in-app credits called "Casts".

It is claimed this provides a solution to sports which struggle to monetise their content effectively.

It also offers sports a place to generate revenue from their content without any of the costs associated with building their own Over-The-Top (OTT) platform. 

Despite still being in beta, this shift has seen rights holders – particularly across sports such as cycling, parkour, obstacle course racing, rugby and many more – gravitate to Recast to enable them to monetise the future fan, the firm said. 

READ MORE: Vegan snack pioneer highlights supply chain impact

Andy Meikle, Recast chief executive and founder, said: “There’s a clear shift in sports’ fans’ consumption and payment patterns, which has only been exacerbated by the Covid-19 pandemic. Fans want more affordable access to their favourite sports, so they’re moving away from traditional broadcasters towards social media, illegal streams or unofficial feeds.

“Continuing to persist with what is clearly a broken model will inevitably kill many professional sports. In an attempt to maximise revenue and reach we’ve seen rights holders move from linear to social and then more recently to owned OTT. The latter has its own limitations as only diehard fans are prepared to go beyond the paywall.  

“Aggregation and micropayments are inevitable but a viable model has never existed to support this - until now.”

Recast’s leadership team comprises some of the most highly regarded names in tech and sport. Mr Meikle, who founded Sportlobster and took it to a $60 million valuation, is joined by Simon Clegg, former Chief Executive of the British Olympic Association and Ipswich Town FC, as the company’s founding investor and executive chairman.

Co-Founder JC Oliver, a former global head of innovation at Microsoft & Global chief creative Officer at AOL, takes up the role of chief marketing officer. Leading the engineering team as chief technology cfficer is Chris Stafford, who co-founded FanDuel.

The direct-to-customer platform operates as a three-sided marketplace that brings fans, brands and rights holders together in one place. Recast’s unique proposition does not purchase any sports rights, following the success of other exchange models such as Airbnb and Uber in not owning supply but generating value through connection. 

Recast is already working with several high-profile rights holders and bodies using its ground-breaking technology to help maximise their earning potential from highlights, in-play clips and live events ahead of its full UK launch this year.

HeraldScotland: Ageism threatens crisis for older workers in redundancyAgeism threatens crisis for older workers in redundancy

Ageism threatens crisis for older workers

Fears have been raised that ageism in the recruitment process could exacerbate an unemployment crisis for over-50s in the year ahead, with the pandemic-driven shift towards remote hiring creating further hurdles for those made redundant in the coming months.

READ MORE: A new report by the Centre for Ageing Better found that most employers do not consider age bias in recruitment to be a “problem” in their organisation, despite evidence of a range of negative perceptions towards older applicants.

Opinion: Paul Sheerin

Our new year is still in its infancy, but already there are no shortages of challenges.

READ MORE: A new virus variant returns us to the toughest of lockdowns, the ripple in the carpet that is Brexit has reached the wall, and the conclusion of populist politics in the US leaves us with a sense of wariness.

Sign up

You can now have the bulletin and the top business news stories sent direct to your email inbox twice-daily, and Business Week for the weekly round-up on Sunday:

https://www.heraldscotland.com/my/account/register/