The Sheffield Live! local TV channel is set to become a reality after 114 people paid for the channel to launch in the area.
The TV channel flaunted itself to the local community and managed to raise £160,000, with £20,000 of that raised in the last week.
The cash will be used to buy equipment and finish studio facilities for both the public and independent productions to be made that will air on Freeview channel 8, Virgin Media and the internet, from 23 September.
Steve Buckley, a director of Sheffield Community Media, said: “We are delighted that so many Sheffield people and organisations have shown their support for Sheffield Live TV and community-owned media by applying for community shares. We’d like to thank them for their support and we look forward to their involvement in the channel.
“We are in the final phase of our planning to launch Sheffield Live TV which will be locally owned and run for community benefit. We aim to develop a multimedia news service and to deliver original, locally-made programming, reflecting the interests and talent of Sheffield people and communities.”
Sheffield Live! will broadcast news about Sheffield in addition to programmes covering Sheffield music, sport, culture and will be wholly ‘community owned’ allowing local people to produce programmes to air on the channel if they wish too.
Unlike Kickstarter, where your investment buys a reward, all of Sheffield Live TV’s shareholders have been told they can expect to receive a ‘modest rate of interest’ on their investments as well.
Crowdfunding the launch of a TV channel is a first for the UK’s media industry and although it will be mostly funded by the local businesses and residents, Sheffield Live will also receive some revenues from supplying the BBC news when it needs reporting from the area,