Name: Andy Meikle.
Age: 37.
What is your business called?
Recast.
Where is it based?
Recast is available in 88 countries, however, we primarily operate out of Edinburgh and have teams across Europe, Middle East and Australia.
What does it produce, what services does it offer?
Recast is a video platform that enables content creators and rights holders to go directly to their fans with videos and live streams, monetising every view through micropayments. Recast gives fans the choice to pay for what they want, when they want, and rewards fans with ‘Cast Credits’ the more they use the platform. This means the cost of accessing premium content is minimised, whilst fans’ favourite content creators generate value from viewership.
To whom does it sell?
There has been a major shift in how consumers, particularly sports fans, are watching content. They increasingly want fast, affordable and flexible access.
Since 2018, we have worked to transform this traditional model by providing an alternative that suits fans and benefit rights holders – particularly from those sports that don’t receive the coverage they deserve.
Recast is providing content creators across the world with a more lucrative monetisation and providing a new revenue option for clubs, bodies and athletes, whilst enabling the current generation to consume sport in the way they want.
We launched with an initial focus on sport and are currently working with some of the biggest names, including Manchester City FC and World Curling, but the possibilities of the Recast model go far beyond that.
How many employees?
50+.
When was it formed?
I created the entity in 2018 but closed funding and got things moving towards the end of 2019.
What were you doing before you took the plunge?
I have been involved in the sports industry since 2011, across tech, media and digital. Prior to founding Recast, I headed-up other high-growth companies, including Sportlobster - a digital sports platform that was established to give fans personalised access to stats, news, scores, and predictions. It grew to have millions of users and key partners, including Cristiano Ronaldo, the NBA and the NFL.
How did you raise the start-up funding?
I raised pre-seed capital at the end of 2019, to build a minimum viable product, through the networks of myself and Simon Clegg, my founding investor and chairman. This allowed me to onboard initial rights holders who would join our closed BETA, which led to a seed round of £1.3m just three months later. Last year, we raised a further £5.9m in a Series A, then a further £7m in a Pre-Series B, with the latter being at a £67m valuation.
We are fortunate to be supported by a group of investors who really understand and believe in what we are working to achieve, including those at the very top of sport, entertainment, media and finance, such as Simon Bax, former chief financial officer at Pixar, West Indies cricketer Chris Gayle, and Riva Technology and Entertainment.
What was your biggest break?
In everyone’s career, it is a series of breaks that lead to success, rather than a specific defining moment or big break. For example, twelve years ago, I raised a $10,000 investment and that was a meaningful achievement to me at the time, just as the next raise of $50,000, $1m and $10m were. If you are relentless in the pursuit of your goals then I am a firm believer that breaks come more frequently.
What was your worst moment?
I have raised investment on less favourable terms historically and that certainly caused a number of challenging moments up there with my worst, which was having to let go of several dozen people in one day during my Sportlobster days.
What do you most enjoy about running the business?
Hearing from our partners about the success they find, through engaging with their audiences, and the value fans get from our model, is what proves its worth.
What do you least enjoy?
As we grow, naturally, my position increasingly takes me away from getting ‘into the weeds’ of the everyday tasks that are so important to the bigger picture – be that brand, customer experience, product, or across any of our functions. I really enjoy getting stuck in and wish I could be more involved in the day-to-day.
What are your ambitions for the firm?
To completely transform the sports and entertainment media model. There is so much potential in the Recast model, and work is underway that will see us expand into other industries, and geographies, as more rights holders realise the power of our platform.
What single thing would most help?
I am very proud of the success stories we are creating with a range of partners, there are several major sporting names that will soon be joining Recast and I am confident their use of our offering, alongside our partners to date and the subsequent success stories, will attract organisations of all sizes going forward.
How do you relax?
It is actually something I really struggle with. Probably the best way for me to ‘switch off’ is getting busy with other tasks or projects at home. I also live just outside Edinburgh, so I am surrounded by lots of greenery, and love walking the dog and being outdoors.
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