Los Angeles and London – Prisma Sports & Media is taking a
major step into new media with the formation of Prisma iVentures, based in Los Angeles. This will be one of the first international ‘idea labs’ opened by a leading sports media distribution company to develop the next generation of digital sports applications.
Prisma, which was created to operate at the cutting edge of industry development, believes that the Internet, broadband technologies, digital television and advanced wireless applications will offer sports rights holders new revenue streams and different ways of transmitting sport to the
consumer. Although Prisma is focused primarily on traditional television distribution business – in particular the 2002 and 2006 FIFA World Cup rights in Europe – it realises its responsibility to look beyond traditional rights distribution in the long-term interests of the rights holders that it serves.
Prisma iVentures will work to ‘transform the sports experience for the next generation.’ The new company will benefit from Prisma’s experience and contacts as a leading sports marketing company, effectively bridging traditional and next generation sports marketing applications.
Peter Sprogis, one of the founders of Prisma Sports & Media, will be Chairman of the new Los Angeles-based Prisma iVentures. Sprogis stated: ‘Rights holders should expect this depth of service from their partners. It is our responsibility to find the answers. Sports content is becoming increasingly valuable and we must be able to advise on the full range and variety of opportunities that content owners can exploit.’
Prisma iVentures will employ 25 people by June 2000. The President of the new company is Jonas Heller – former President of ixl Live, a major Internet programming production company. Heller commented: ‘The perpetual development of new media experiences is the fundamental tenet of Prisma iVenture’s mission.’
As a result of this new and much-expanded presence in Los Angeles, Prisma Sports & Media will focus its US operation initially on the West Coast and phase down its Reston, Virginia office. The company’s primary US presence
will be based on implementing the new media strategy, but Peter Sprogis emphasises that Prisma’s relationship with rights holders will continue to be orchestrated through the parent company.
By applying this strategy, Prisma believes it will be able to protect the position of rights holders and territorial exclusivity of broadcasters, while building a lead in ‘next generation’ sports applications. ‘It is a question of perspective,’ says Sprogis. ‘We must first understand and then be able to offer the rights holders who form our constituency the new ways of generating revenues and building brands in the digital age.’
For more information, contact:
Prisma Sports & Media Ltd., London
Peter Sprogis, Managing Director
Tel: +44 (0171) 291-8800, Fax: +44 (0171) 323-1527