Rob Lewis of Electric Jukebox
Entrepreneur Rob Lewis has announced his intention to float the company early next year following the launch of its new streaming service ROXI.
Rob Lewis created Europe’s first music streaming service on mobiles over 10 years ago and is now looking to shake-up the industry once again with the launch of ROXI.
ROXI, a new service making music streaming more personal, officially launched in the UK and US today (17 Aug) taking on tech giants such as Apple, Spotify and Amazon.
The service aims to turn the idea of Spotify, Amazon and Apple’s App-led mobile music streaming services on their head with an all-in-one shared music entertainment experience for the home that the whole family share and enjoy together.
Lewis explains: “We’re sleep walking into a crisis where kids grow up addicted to personal tech, which damages their ability to communicate in the real world and contributes to a rise in mental health issues.
“We can’t just take the devices away. We need to recognise these problems and offer radical new alternatives. ROXI is one such alternative approach and one that can get families enjoying digital experiences in a more healthy, socialable framework.”
Electric Jukebox’s largest investors are revealed as founder Rob Lewis, YOLO Leisure & Technology PLC and a group of 50 high net worth investors from the UK, Canada and Hong Kong.
It is also backed by a range of industry heavyweights including ex U2 manager Paul McGuiness, ex TomTom founder CTO Mark Gretton, ex Bon Jovi manager, ex vice chairman and CEO of EMI Americas, and President of Nordoff Robins, David Munns OBE, ex-chairman and CEO of EMI Worldwide, Alain Levy and ex-chairman Warner Music UK Rob Dickins CBE.
Now, following the official launch of the service and having closed a US$14m funding round, Lewis has announced plans for an IPO in the first half of 2018 to fund the further rollout of ROXI worldwide.
“We want to be the number one family music entertainment product,” said Lewis. “Our medium-term target is to reach 10% of the market globally following IPO.
“The market opportunity for ROXI, aimed squarely at the family market, across the US and UK markets is huge.
“800 million people used to buy CDs and yet just over 100 million are streaming music today with 80% of these being millennials.
“Just 5% of people subscribing are families, less in mainland Europe.”
The company has also been backed by passionate music celebrities including Robbie Williams, Stephen Fry Alesha Dixon and Sheryl Crow.