The TT Races could be broadcast live for the first time in the event’s 111 year history.
The Department for Enterprise is joining forces with Pilgrim Media Group and Digital Circus to develop new media projects.
The joint venture will look at long term proposals for TV, film, e-sports, gaming and streaming.
Minister Laurence Skelly says: “This is an important development as not only does it offer great potential in growing the reach and commercial value of the TT Races but it also allows us to leverage one of the Island’s assets to grow an industry sector on the Isle of Man.
“Whilst the department will continue with all the existing rights contracts in place – such as those to produce the highlights programmes and distribute these globally - the department has now also responded to an approach from Pilgrim Media and Digital Circus that could significantly invest in the event and grow global reach, without the use of public funds.
“Indeed any future projects that are successfully negotiated as a result of this agreement will provide further revenue streams to the department.”