LOS ANGELES _ Pocketwatch, a new entertainment company led by former Disney and Nickelodeon executives, aims to be the children's media headquarters of the 21st century.
The Culver City company, whose content will target 2- to 11-year-olds, was founded this month and announced Wednesday that it had raised $6 million in venture funding. It said it plans to use the financing to build out channels on YouTube, develop new franchises and attract top creator-partners.
The digital start-up's founder and chief executive is Chris M. Williams, a former chief audience officer at Maker Studios and general manager of Disney Online Originals.
Albie Hecht serves as Pocketwatch's chief content officer. Hecht is a former president of Nickelodeon, where he oversaw the creation of hit series such as "SpongeBob SquarePants" and "Dora the Explorer."
The company's leadership also includes Hollywood lawyer Jon Moonves and Allen DeBevoise, managing partner of Third Wave Digital, the firm that led this first round of financing. Investors include actor Robert Downey Jr., "Titanic" and "Avatar" movie producer Jon Landau, CBS Corp. Chairman Leslie Moonves and United Talent Agency.
Williams, a father of two, said in the news release that traditional children's media have had a hard time embracing new business models, whereas Pocketwatch will combine digitally-savvy creators and experts in kids' TV programming to deliver content to children where they're most watching it: online and mobile.
An Ipsos poll last year found that 72 percent of American, British and Canadian children's daily content viewing comes from streaming services. YouTube was most popular, followed closely by Netflix. Amazon and Hulu were on the list as well.
The poll also found that although three-quarters of children watched TV for some content, six in 10 used a tablet to watch their favorite shows and four in 10 used a smartphone.
Market research firm SmartyPants found that, in 2016, YouTube was the most popular brand among kids ages 6 to 12. Disney ranked sixth; Disney Channel, ninth; Netflix, 11th; and iPad, 16th. (Snack foods made up most of the other top-ranked brands.)
Children's channels Ryan ToysReview, ToyScouter and El Reino Infantil ("The Children's Kingdom") were among the 11 most-viewed YouTube channels worldwide for the week that ended March 15, according to Tubefilter.
Pocketwatch plans to launch this summer with content for 5- to 11-year-olds. Material for preschoolers and parents is to follow later in the year.
