Three executives behind the sports media company Perform have made investments in a company attempting to replicate their success in the music industry. LoveLive, which distributes concert videos online said on that it had raised £1.7 million (€2m) from a team of music and technology industry executives.

LoveLive, whose chief executive Richard Cohen is a former director at Perform, brings together brands, artists and record labels to create video content to engage fans. The company, which was founded in 2008, this year acquired entertainment media business Show Cobra to spur its growth in the US.

Cohen said LoveLive’s revenues had doubled in each of the past four years and predicted the company would become profitable by 2014. He added that the company was preparing to raise $20m from institutional investors in the coming months to fund aggressive expansion plans.

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