Advertising firm WPP has agreed to buy a minority stake in new Swedish over-the-top TV service, FlowNetwork.
FlowNetwork delivers programmes via the web and supplies a number of Sweden’s regional newspapers with technology and content. FlowNetwork is also co-producer of the new Swedish drama series Gåsmamman.
“This investment continues WPP’s strategy of developing its integrated services in fast-growing and important markets and sectors and strengthening its capabilities including digital media,” said WPP.
WPP’s digital revenues were US$6.9 billion in 2014, representing 36% of the Group’s total revenues of nearly US$19 billion. WPP has set a target of 40-45% of revenue to come from digital in the next five years.