Car fans now have a new place to learn more about their favorite automobiles with the recent revival of the defunct Speedvision TV channel as an Annapolis-based streaming platform.
Speedvision Media Group recently raised $3.2 million in equity in a friends and family round to help kick off the revitalization of the media brand as a free ad-supported television (FAST) network. Notable investors include Wayne Carini and Mark Worman, who both have their own shows focusing on cars, and professional wrestler Bill Goldberg. All three investors will have content featured on the Speedvision network.
The company will use the capital from the round primarily to acquire licensed content and get on as many platforms as possible, Chief Operating Officer Tim O’Neil said. CEO Robert Scanlon said the channel has launched with 500 hours of programming.
The new Speedvision marks the third time that Scanlon has created a car-focused television network. He co-founded the original Speedvision network in 1995 and helped create the Velocity channel for Discovery in 2011. The original Speedvision, later rebranded to simply Speed, lasted until 2013, when Fox created Fox Sports 1.
"We are taking a strategic tact with our content, to appeal to an audience with above average education and above-average income, with blue chip programming that appeals to them andtreats them with respect and intelligence," Scanlon said.
FAST networks like Speedvision are akin to a streaming version of traditional cable television with similar scheduling models. Unlike traditional streaming platforms such as Netflix, where different show titles compete with each other, Speedvision is competing with other brands, much like traditional cable. Smart TVs, such as Roku, tend to be one of the main platforms for FAST programming, and Speedvision has already signed deals with LG and TCL Technology.
Scanlon believes FAST is going to be the future of the streaming industry.
"There's a big pot of money out there from advertisers who want to reach audiences," Scanlon said. "The automotive category for advertising is incredibly lucrative because you can touch everything from new car manufacturers all the way down to replacement parts."
The streaming industry continues to become more decentralized as more companies try to grab a piece of online audiences. Viewers usually do not want to pay for 10 different subscription services, so companies such as Paramount and Amazon have created an ad-supported network to help drive more traffic, creating a plethora of possible platforms for the Speedvision brand.
Speedvision is considering expanding into other media markets, such as traditional cable, along with internet platforms like YouTube or Twitter.
“We're not discriminating against any form of distribution or outlet,” Scanlon said. “We can craft the content to meet the platform.”
Scanlon kept an eye on the trademark for Speedvision for years until it got on the market again. He believes that although there are a number of stations focused on racing, no other outlet has a specific focus on educational content like Speedvision. The channel features a blend of garage shows focused on building and maintaining cars along with a touch of automotive history.
“The brand is identifiable, it's iconic, viewers know what they're gonna get,” Scanlon said.
Speedvision will eventually expand to include motorcycles, aviation and power boating, he added.
