While the world unwinds on their couch and consumes more streaming media through Netflix and other platforms, there’s a financial technology company that’s benefiting. Purely Capital was founded just a couple years ago when Elaine and Wayne Godfrey realized there was no slowing down the demand for media and entertainment. While streamers and broadcasters made money through subscriptions, content producers and rights owners had to wait multiple years before getting paid in full.
Wayne Godfrey recently stated, “With more high-level buyers than ever hungry for content, it has arguably never been a better time to be producing and distributing film and TV content. While the unprecedented spend by streamers and broadcasters of more than $120BN last year is impressive, rights owners are being forced to wait two to five years for licensing contracts to be paid out, putting companies under immense financial strain. We built Purely Capital as a solution to this emerging problem, giving content owners access to their licensing income now. Purely Capital buys contracted revenues today and we then wait for the years of quarterly payments from the licensor so that our customer doesn’t have to.”
Finch Capital, an early stage venture capital firm focused on the FinTech sector in Europe and South East Asia, made their initial investment in Purely in 2019. Investor Aman Ghei commented, “Purely Capital is at the centre of the entertainment industry that is truly being disrupted by the volume of content that is being produced and the way we are consuming it. Unfortunately, financing options for content and license owners in this changing landscape remains archaic and inefficient. This is where we believe Wayne and his team have the experience and ability to provide the best experience and most competitive price for global entertainment rights owners.”
Purely Capital recently secured a $150 million institutional funding line that will allow it to operate at pricing that is competitive with banks.