When Viacom's VH1 and MTV moved away from music videos, it opened the door for Revolt TV network to fill in the gap, hip-hop mogul Sean "Puff Daddy" Combs told executives recently in Los Angeles, according to CNBC.
"We're following the footsteps of ESPN and CNN," he told the crowd, according to CNBC. Consumers "need the Weather Channel and they need Revolt," he told the crowd at the annual Cable Show, the industry's largest trade show.
He predicted that his Revolt TV network will one day be the size of Walt Disney's ESPN. He acknowledged the risk of starting a traditional TV network in today's environment when consumers are moving more and more toward digital video over the Internet. But he argued that Viacom's shift to reality shows and away from music videos left a lot of fertile ground for his television network to flourish.
"MTV—they changed their business model," he said, CNBC reports. "It left a wide open space."
Revolt TV began airing last October and distributors, include CNBC parent Comcast and Time Warner Cable, the report says. A spokesman told CNBC that the network is available in about 25 million homes, roughly a quarter of the country.
ESPN will earn $9 billion in operating revenue in 2014 and is the most profitable network in the country, according to estimates from research service SNL Financial, the report says. Revolt TV is expected to garner $23 million in operating revenue.
"Five years from now a brand like Revolt will be available on a billion devices," Combs said. "We're the first network that was brought up in this social media age."
Read more at CNBC.