Price Drop is a British television shopping channel based in the UK, that ran daily live reverse auctions. It was the first reverse auction channel of its kind in the world. The channel was owned by Bid Shopping. History 2003–2005: Price-Drop.TV The channel first launched as Price-Drop.TV on 11 June 2003. The channel began broadcasting from 4pm to 12 midnight, Wednesdays to Saturdays. The hours of live broadcast have been extended since and currently operates from 7.45am to 1.30am, 7 days a week. It is available to more than 12 million homes in the UK, and makes weekly revenue of over £3 million. Prior to December 2004, each 'price drop' started at the Claire price. After guide prices were removed, it was no longer possible to judge how closely the starting prices reflected the true value of products. A certain number of units of a product were advertised at a specified price, and buyers could place orders by telephone. The price was decreased in steps until all units were sold. All purchasers paid the final, lowest, price. Occasionally, the channel had promotions where a small number of products "Megadrop" to £1 during a special event (it appeared to be random, but directors chose which products will Megadrop beforehand). Megadrops were also used on sister channel Bid, but Price Drop was the first to use the promotion. 2005–2011: Price-Drop TV On 21 January 2005, the channel was renamed from Price-Drop.TV to Price-Drop TV, losing only the 'dot' part of the channel's name. In October 2005, a start price graphic was introduced, effectively reinstating a rephrased guide price. The "start price" was used to show the starting price of the reverse auction, but was not used to represent a value or worth. On 10 May 2006, products were now sold at prices in pounds and pence instead of just pounds. 2011–2014: Price Drop and closure On 1 August 2011, 'Price-Drop TV' rebranded as 'Price Drop' dropping the 'TV' and '-' from the channel's name. Along with the new name, new buying graphics were introduced on all three Bid Shopping channels and new idents compromising of different 3D products flying around the new logo designs were shown. The new design was created to make buying easier for the viewer. At the same time as the new channel design, multi-buy was introduced on certain products where the viewer can select to buy more than