Kylie Minogue-backed music streaming platform secures €14 million funding

A new music streaming platform startup - backed by Disco singer Kylie Minogue - has secured millions in funding to expand its burgeoning business.

The UK-based Roxi, which is currently available through Sky Q and Android TV, has been described as the world’s first “made for TV” music service.

Roxi offers its users access to a catalogue of 55 million songs as well as a karaoke function, with Minogue announced as an investor last month in a three-year deal.

The pop musician's former collaborator Robbie Williams has also backed the service.

According to The Guardian, new investors including the former EMI chairman Guy Hands have helped Roxi get well on its way to a potential €220.5 million (£200 million) flotation on London’s stock market.

The latest funding values the platform at around £50 million, and will be used to expand Roxi to 500 million devices by 2022.

“We have seen huge growth during lockdown, with people using their TVs for more interactive entertainment at home,” said Roxi founder Rob Lewis.

“The fundamental thing is when you are looking at a potential initial public offering in the future you want to be growing as quickly as you possibly can be. And with this funding, Roxi is ready to start to roll out on other platforms and in other countries.”

Universal Music, Warner Music and Sony Music are also shareholders in Roxi, whose existing investors including U2‘s former manager Paul McGuinness.

Meanwhile, Kylie's 15th studio album - Disco - climbed to number 1 on the UK Albums Chart, making Kylie the first female artist in five decades to top the Albums Chart.

The album was an all-round success, one that Hot Press called "the ultimate escapist record."

She also covered Earth Wind and Fire's classic disco track 'September' for BBC2 last month.