Months After $8,200,000 Company Filing for Bankruptcy, FINA Rejoices Swimming Fans With an Exciting Update for World Cup 2023

The swimming world witnessed a major event this past week. Popular streaming company Recast, which has streamed major swimming competitions in the past, has now gone into administration and they are headed toward insolvency. Recast was a regular partner of World Aquatics and even streamed the recent 2023 World Aquatics Championships and World Junior Swimming Championships.

The platform even had collaborations with soccer teams Manchester City and Inter Milan while also attracting the likes of the European Taekwondo Union, Beach Soccer Worldwide, and International Skating Union, to name a few.

Recast, which is a Scottish company, was set to stream the upcoming 2023 World Aquatics Swimming World Cup Series. However, after a major investor pulled out from the company, the streaming company had to appoint administrators to guide the company in these troubled times. This development was set to affect swimming fans across the world, but it seems that fans can relax now as FINA’s recent announcement is set to send the fans into a frenzy.

FINA surprises the swimming world with a new streaming announcement

After their regular streaming partner (Recast) filed for bankruptcy, World Aquatics (formerly FINA) was not left with many options for the upcoming 2023 World Aquatics Swimming World Cup Series. However, fans can relax now as FINA has now announced that the upcoming premier competition will be live-streamed for free on YouTube for the majority of the world. According to a Swim Swam report, the 2023 FINA World Cup series will start on October 6th in Berlin, Germany.

The competition will further move on to Athens, which will host the tournament from 13th to 15th October. After which Budapest will host the final leg of the competition from 20th to 22nd October.

The 2023 World Aquatics Swimming World Cup Series will also witness the returns of Adam Peaty and Kristof Milak, both of whom were absent from the recent 2023 World Aquatics Championships in Fukuoka, Japan. Other prominent swimmers who will grace the competition are Michael Andrew, Nic Fink, Beata Nelson, and Dylan Carter, among others. With Recast going into administration, the swimming world was left to wonder how the popular streaming company reached its downfall.

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Why did Recast file for bankruptcy?

Recast provided on-demand and non-subscription streaming services for a number of different sporting federations. They had even received around $7 million Series A investment round in May 2021, and an additional $8.5 million in 2022.

However, after its recent funding commitment fell short, the company could not tackle its cash flow challenges and had to file for bankruptcy. According to a Swim Swam report, the company also said, ?While we?ve enjoyed many successes over the years, our recent traction particularly highlights how the sports and entertainment landscape so desperately needs an alternative content monetisation solution like Recast?s.”

The report also mentioned how there are constant complaints of swimming fans not wanting to pay for streaming swimming competitions and some issues with accessing the company’s replay sessions. “It?s a sad day for all our shareholders, team members, partners, rights holders and fans, but I?m incredibly grateful to all of those who shared and supported our vision and journey.”

As Recast heads into insolvency, FINA’s decisions for swimming fans highlight the swimming body’s commitment to its fans as they look for a replacement for Recast.

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