For this study we have analysed Joost, who is a on-line picture supplier. We reviewed the background and potency chances which this house has. Joost is a US-based web site started by Janus Friis and Niklas Zennstrom with an initial focal point to present on-line Television by utilizing peer-to-peer ( P2P ) distribution engineering in 2007. In 24 November 2009, Joost was acquired by Adconion Media Group after its failure to capture the market with competition from other suppliers like Youtube and Hulu. ? ? ? ?
The aim of this undertaking is to measure the feasibleness by measuring the chances, for the Venture Capitalists to put with the available information.
Online picture viewership is increasing twelvemonth by twelvemonth. Currently, advertisement costs are higher compared to traditional telecasting per hr of advertisement clip. However, in close hereafter, with the displacement of Numberss towards the convenient online picture plus the decreasing cost of the engineering involved, that may good alter.
Joost merely can non derive any market portion in viewership, which impacts their advertisement gross, likely due to it get downing out with the doomed P2P method of on-line picture streaming which requires a client, where viewing audiences lamented as a fuss and resource pig. By the clip they came about and started the usage of browser based participants, the market has already being swamped by others.
With the spread of portable and high-velocity cyberspace entree and on-line picture sing enabled devices like Personal computer, but particularly portable devices mobile phones which are still at its babyhood, there is an chance for Joost to work. Increasing Numberss of IT savvy people who demand convenience, advertizers who demand proper exposure of their advertizements are besides chances.
E. Joost Business Model
Joost chief concern theoretical account is an advertisement theoretical account. They buy or receive contents from video suppliers like Viacom and stream them out for free to viewing audiences, these pictures nevertheless, will be embedded with advertizements from paying advertizers. Therefore, Joost must keep a good figure of alone viewing audiences who are deemed attractive to the advertizers ( ability to devour ) .
II. Market Opportunity
A. Overview
In the 3rd one-fourth of 2006, the market for online content services worldwide is expected to spread out by a factor of 10 each twelvemonth, turning from 13 million families to 131 million by twelvemonth 2010, and the figure of broadband families is expected to duplicate between 2005 and 2010 to over 413 million ( In-Stat, 2006 ) . Large organisations like Google, AOL, Yahoo and many other hunt engine houses have been researching ways to specify the hereafter online telecasting which will cover worldwide on-line picture services market and demand by intermixing their picture assets with individualized Television services via cyberspace.
Despite the 2008 economic downswing, on-line picture cyclosis is one of the turning markets. This has been proven by researches and life style of current cyberspace users worldwide and it will prevail to be one of the fastest emerging media market.
In add-on, based on the “ US Online Advertising Spending Growth Statistic ” study ( Appendix Figure 7 ) , the tendency in internet picture market is set to go on spread outing after 2008. Firms are progressively get downing to utilize on-line advertisement to advance their merchandises and services. Google, the universe largest hunt engine, bet the online picture will go a profitable concern in a non excessively distant hereafter ( Reuters, 2009 ) . Monetary value WaterhouseCoopers has besides conducted a research that advertisement disbursement will go on to increase from 2007 onwards. ? ? ? ?
Harmonizing to the past to current market chance and demand researches, on-line picture cyclosis and advertizements concern will go on to increase more than predicted and the tendency will finally do the figure of viewing audiences to catch those who are used to traditional telecasting and advertizements, which constitutes people born during and after the 60s.
With the uninterrupted betterment of cyberspace engineering, JOOST will necessitate to catch the chance fast to capture the first mover advantage and demand before other houses do.
B. Market Segmentation
Joost ‘s concern can be segmented in following markets:
1 ) Video Streaming and Advertising
2 ) White Label and Licensing
Video Streaming and Advertising
Online picture cyclosis services are now sing being the approaching tendency. Researches concluded that the figure of hours viewing audiences spend online for picture is increasing since 2008 ; figures have since doubled from 7 billion to 15 one million millions viewing audiences.
With the growing of viewing audiences in this country, it indicates great potency for advertizers to demo their advertizements through cyberspace picture. Studies show that the growing of cyberspace picture advertisement is steadily increasing over the old ages.
White Label and Licensing
Apart from picture cyclosis and advertisement services, white label services helps concerns to construct up and keep its company image to its clients via internet universe. It acts as a 3rd party outsourcing seller to take ownership of its clients ‘ web sites.
C. Analytical Spending
For an on-line picture supplier, we will be looking foremost at hardware and substructure. This will intend the storage capacity, waiters, web and cabling. For waiters, it should already be taken attention of since Joost is already in the concern saloon the necessary ascents to the systems. We will necessitate to increase storage capacity as we would necessitate to increase our contents and be prepared for user contents. Then we will hold to look at the bandwidth costs which will do up a majority of our operation costs.
On the “ soft ” ware side, costs will travel to employment of able proficient and technology staff to maintain systems tip top and running and most significantly, to come up with advanced ways to bring forth gross via proposal and execution of thoughts which satisfies the demands of clients and viewing audiences.
III. Company Description
A. Business Definition
“ Joost ” is a US-based web site owned by Internet Dreamteam in 2006 under the codification name “ The Venice Project ” . The laminitis of the house, Janus Friis and Niklas Zennstrom introduced a combination of both the best of Television ( Television ) and cyberspace by offering viewing audiences prime internet Television services. It is besides the first planetary online Television distribution platform, conveying together advertizers, content proprietors and viewing audiences all under an synergistic, community-driven environment.
The initial focal point is to present on-line Television by utilizing peer-to-peer ( P2P ) distribution engineering in 2007. However it did non win because users were loath to download clients and alternatively take convenient browser based sites like YouTube and Hulu and its entree to 1000000s of picture. In April 2009, despite exchanging to browser based platform themselves, Joost decided to abandon its picture streaming roots and follow a “ white-label ” concern theoretical account to licence its picture platform to other houses.
In 24 November 2009, Joost was acquired by Adconion Media Group. The sale of Joost assets to Adconion serves the best involvement of both parties. Adconion has a strong technological platform and a compelling concern theoretical account that will profit both the concerns as a consequence, with the purpose of supplying user with a finish site to showcase and administer their branded amusement content lawfully.
The cardinal benefits of utilizing Joost are:
Allow user to watch on-demand Television over the cyberspace without any demand for an extra set-up box.
To heighten Television experience over the web, interactive/social tools was offer to enable user to chew the fat while watching a show online.
Channel besides has synergistic shows where users can detect behind-the-scene content.
Joost distributes shows in traditional telecasting formats, like 30-minutes or hr long plans compare to other picture sites that largely display user-submitted ( user contents ) cartridge holders alternatively.
There will be a minimal 3 proceedingss of advertizement for each hr of programming comparison to the traditional Television box of about 15 proceedingss.
There is a bill of fare that enables the users to exchange channels with a chink.
User will hold the control of the content and entree to any show offered irrespective of anytime of the twenty-four hours.
With the proliferation of on-line picture enabled engineerings and platforms like high-speed nomadic cyberspace and laptops. Surveies have shown the lifting figure of viewing audiences and disbursement, their outlook of what the web is able to supply.
Joost would be able to profit from this ; hence the end is to place the house as a taking content supplier for viewing audiences and attractive avenue for advertisement.
B. Value Proposition/ Key Features & A ; Benefits
Researchs have shown that the on-line picture advertizement disbursement have been forecasted to turn 62 % per twelvemonth through 2013 ( eMarketer, 2008 ) , therefore Joost can supply:
Assortment of Contract Types:
Ad Contract: This allows the advertizer to utilize Joost as a advertisement medium for a three months test period.
Licensing Contract: Licensing its picture platform ( White label ) to other broadcaster and media houses.
Joosts ‘ Focus on Customer ( Advertiser ) Needs:
The house has to be really client orientated to assist the advertizer better respond to the demands of the market, to assist advertiser increase their profitableness by diminishing their cost.
This can intend supply cost-effective engineerings whenever they are available, but most significantly to give what the clients want. That would intend the maximal exposure of their advertizement to every bit large as possible a figure of right audiences.
Joosts ‘ Contribution:
By being client orientated and assist advertizers better their satisfaction, keeping and growing of their databases.
C. Competitive Advantage
In order for Joost to be successful, they would foremost necessitate to develop value propositions by reexamining their market placement and clearly place the market tendency before their rivals to derive the first mover advantage.
And with these propositions, the house should incorporate it into the internal procedures and systems which should be extended into the external selling of the merchandises and services to client.
Another of import procedure non to be forgotten, which will assist to rush up the procedure of marketing the correct merchandises and services to the right audiences, would be client cleavage. This is critical as understanding the dimensions would assist border the value propositions consequently.
Joost focal points on retroflexing the Television sing experience online better than rivals who are seeking to marry Television to the Personal computer, this is where the organisation effort to procure the strategic placement in the online telecasting media infinite, enabling consumers to acquire more so what they normally does before.
Differentiation Advantage:
In order to be competitory, Joost differentiates itself to others. Joost offers legal online picture unlike many other on-line picture platforms.
Joost besides introduces synergistic tools which allow users to chew the fat with friends while watching an online show.
And unlike other houses, Joost offers content that includes independent movies and plans with high evaluation from a assortment of states. With this big measure of rare content available, rivals find it difficult to retroflex the sum of content.
Focus on R & A ; D in the Related Industry:
Leting user to see Joost on the portable devices such as nomadic phones is critical. Merely looking at current market ; Apple had 3 million picture gross revenues from a choice that includes merely 5 Television plans.
Major Advertisers whom have used Joost:
Joost had major advertizer including Nike, Coca Cola, Sony Picture, BMW, Sprite and Intel along with content spouses such as Warner Brothers Television, Viacom and CBS.
Major advertizer have chosen to utilize Joost because the service of the house was to protect the rational contents shown over the cyberspace is a different attack from others. Merely to demo a point, in a most recent instance on 20th March 2010, Viacom has sued YouTube and Google for allowing copyrighted pictures to be posted on the web. This is something Joost sets out to forestall.
D. Market Share
With strong turning tendency of the on-line picture market, viewing audiences are traveling towards more on-line picture compared to normal Television or traditional picture as shown in Appendix Figure 1 and 2. The sum of clip a viewer spend on Linear Television screening is diminishing from 389 billion hours to 342 billion hours while on-line picture screening hours has increased from 7 billion hours to 14 billion hours which is 100 % increased within 2 old ages period from 2008 to 2010. This shows that the consumer is switching from traditional Television screening towards online picture screening, partially due to the engineering promotion on high-velocity cyberspace and besides the tremendous library of content in the on-line picture. Not burying that pictures are free and they can watch it any clip, any twenty-four hours and anyplace.
Based on the Hulu.com, they have achieved about 2.9 % of the US market portion in 2010 ( Appendix 3 ) . If Joost is able to capture the same per centum of what Hulu is obtained. Then the figure of Joost visitants will lift to 8 million people monthly from the bing 80 thousand based on the comparing of Joost and Hulu ( Appendix 4 ) . Once Joost enters the planetary online picture market, so the market portion will be enormously increased.
E. Revenue Generation
Hulu addition about 70 million dolllars from 6 million visitants while Youtube gain merely 100 million dollars from 83 million visitants in twelvemonth 2008. ( Bradshaw & A ; Garrahan, 2008 ) . Based on the eMarketer 2008 chart ( Apendix 6 ) for top 10 picture web sites, Hulu did non do it to the top 10 and the market portion is about less than 0.96 % with Youtube deriving 58.09 % market portion. Based on the computation from the sum of gross generated against the overall advertizement disbursement, Hulu is has gained about 13.86 % of the overall US Online picture publicizing disbursement in 2008.
Making an premise that Joost is able to get the same market portion per centum like Hulu for twelvemonth 2011. Then based on US online picture advertisement disbursement prognosis for twelvemonth 2011, the one-year online picture advertisement disbursement is 1.9 billion dollars. From at that place, Joost.com can gauge to bring forth about 263 million dollars of gross in twelvemonth 2011.
But in order to carry through that, Joost must actively increase their content, contents that entreaties to each and every class and functionality to pull the viewing audiences. At the same clip, Joost will come up with a manner to let maximal exposure of advertizer ‘s advertizements to as large a figure of right audiences.
F. Competition
From the top 10 on-line picture web sites, the most popular web sites are Youtube from Google, Hulu, Bing picture and so on.
Youtube
Youtube was founded in Febuary 2005 and since so, they are the leader in on-line picture. Viewing audiences can watch and portion video worldwide. In November 2006, YouTube was acquired by Google Inc. Their gross in 2010 so far is nearing at 1 billion dollars ( YouTube approaches billion dollar one-year grosss, 2010 ) ! Youtube is still turning fast with changeless increasing viewership and with legion partnership trades houses with CBS, BBC, Universal Music Group, Sony Music Group, Warner Music Group, NBA andA many more ( Youtube Company History, n.d. ) .
Hulu
Hulu start in March 2007 and since so they are turning really fast as a new participant. Due to their big choice of pictures runing from about 190 houses like FOX, NBC Universal, ABC, MGM, MTV Networks, National Geographic, Paramount, PBS, Sony Pictures Television, Warner Bros. and more, they are able to supply a really broad scope of pictures to fulfill the client ( Hulu Media Info, n.d. ) . At the minute, they are merely providing to the US market and is be aftering to travel planetary in 2010 get downing with Canada, UK and Australia ( Linder, 2009 ) . Within 3 old ages of operation, Hulu has obtained 2nd topographic point in the top 10 ranking for on-line picture web sites with 70 million dollars of gross ( Bradshaw & A ; Garrahan, 2008 ) .
Bing
Bing is the new Microsoft name for the hunt engine which started in June 2009 to shift themselves in the market. Based on Microsoft statement, Bing content will include viral picture to full-length Television shows and picture. Their beginnings of the picture will come from partnership with Hulu, CBS, MySpace, DailyMotion and YouTube ( Fried, 2009 ) .
IV. Opportunity Assessment Framework: Joost
A. Industry Life Cycle
I. Is your start-up at the embryologic phase of the industry life-cycle?
No, we believe that the on-line picture market is non at the embryologic phase as the industry started in 2005 and is presently dictated merely by internet velocity. The market is extremely saturated excessively with a batch of rivals.
II. Is your house come ining a immature market?
This is non a immature market. There are already several established houses like Youtube, Hulu, Metacafe, Dailymotion, merely to call a few. However, opportunities are, with newer engineering or inventions, it will convey in another group of new houses.
III. Is at that place a dominant design in the market place?
Yes, the dominant design now is on-line picture streaming with more user friendliness/flexibility, velocity and content.
B. Industry
I. Does the thought operate on the footing of originative devastation, whereby your house challenges bing houses on the footing of new thoughts, disrupt old ways of production, organisation and replace them with old houses?
Yes, merely like Joost needed to travel on from P2P picture sharing for on-line cyclosis and added compatibility with Web 2.0. This is necessary because we have to provide to users ( Which are needed to pull advertizers ) who want newer engineering available to them or new inventions which can potentially better their experience.
II. Is your proposed venture thought situated in an industry in which excess value concatenation entities produce most of the invention?
Yes, engineering is pioneered by Original Equipment Manufacturer ( OEM ) , such merchandises like waiter hardware and picture players/codecs form the backbone/infrastructure of the venture. What we do is to box the concluding merchandise to do it extremely toothsome to the users but at the same clip fulfill our clients.
C. Industry Structure
I. Is the industry construction extremely disconnected and favourable to start-ups?
Not truly, but if you have alone merchandises or content that other houses do non possess, in add-on to new advanced utilizations of engineering, so it is favourable to come in the market.
II. Will your house be labour intensive instead than a capital intensive concern?
An on-line picture house ‘s operations depend mostly on its hardware ( waiters, cyberspace ) . Merely a little figure of technicians is needed to keep them compared to industries like fabrication. Therefore it is fundamentally capital intensive due to the investing on engineering.
III. Will your house be in a non-advertising intensive concern given that per unit advertisement costs are greater for new houses?
Online picture market, dismissing subscription based 1s, are basically acquire their gross from advertisement. That said, alone spectator count is of import to pull advertizers ( informations can be collated from informations analysts ) . Therefore, publicizing to pull viewing audiences may be intensive at start-up, but merely to make consciousness. After which, it will boil down chiefly to viewer word of oral cavity.
IV. Is your venture come ining a low concentration industry where the mean size of houses are little ( instead than a market which is concentrated and consists of little figure of extremely powered oligopolies? )
No, there are a batch of rivals within the bing market. However, most are little ( salvage Youtube ) and about indistinguishable.
D. Manage Technological Transitions
I. Does the company effort to work extremist instead than incremental inventions?
Joost exploit group alterations than incremental as it overhauled its P2P roots in favour of on-line web cyclosis.
II. Is your new venture come ining the industry at the acceleration point of the S curve?
No, the on-line picture concern is dependent of engineering. Online picture concerns have already benefited ( and evolved ) since the handiness of video streaming engineering for the best portion of 5 old ages, with engineering development being incremental now ; there are no important alterations in organisation constructions or patterns.
III. Is at that place a distinct point of passage between technological paradigms that are valuable to your proposed venture?
Yes, from clients to online cyclosis and now portable platforms like nomadic phones.
IV. Are you get downing a concern in an increasing returns industry instead than a decreasing returns concern?
Harmonizing to eMarketer ‘s “ Revises Online Video Ad Spend Projections Downward ” prognosis ( Appendix Figure 5 ) , there is a annual addition in disbursement, with dual addition in viewership hours from 2008-201 ( Appendix Figure 1 & A ; 2 ) . With these Numberss, it can intend increasing returns.
V. Can you acquire clients locked into your merchandise utilizing the razor blade theoretical account?
Yes. First, our clients are advertizers. Second, we must demo to our clients that we have the Numberss in viewership and advanced ways to give maximal exposure to their advertizements. Last, the razor blade theoretical account manner will carry them to seek our service out before paying ; this erases their uncertainnesss and increases their assurance.
VI. Is your venture emerging before a dominant design in the industry emerges?
No, YouTube has already become a dominant icon in the industry and the ambitious 1s like Hulu is turning fast.
E. Demand
I. Make your proposed thought demonstrate strong possible demand conditions?
Yes. From the study done by Sysomos ( Appendix Figure 1 & A ; 2 ) , the sum of hours spend on online picture is increasing from 2008 to 2010 while Television screening is diminishing. Therefore, there is a high potency in the market demand.
II. Are you come ining an industry where markets are big ( i.e. prosecuting the largest markets in order to bring forth return ) ?
Yes, nevertheless the market is saturated with a batch of competition.
III. Is the market that you are come ining a quickly turning market?
It is a turning market and still traveling strong. From Appendix Figure 1, 2 and 5, they projected that the advertizement disbursement and viewership hours is increasing opposed to traditional Television.
IV. Is your thought in a market which is to a great extent segmented?
It is non truly to a great extent segmented as most houses are making advertisement via picture cyclosis and licensing via white labeling. However, picture streaming content is to a great extent categorized ( E.g. sketchs, films, MTVs, play series ) .
F. Identify and fulfill existent market demands
I. Is there an unsated client demand or one that satisfies a client demand better than options?
Yes, if viewing audiences can non turn up the peculiar picture that they want, they will travel to other suppliers. Therefore, the advertizer may see other suppliers that are more attractive to the viewing audiences.
II. Have you identified a existent client demand and can you place provide merchandises and services that meet those demands that are significantly better than options?
Advertiser wants maximal exposure of their advertizements to the right audience, maximal exposure can intend clip ; it can besides intend figure of audience. Therefore, we must supply to them a big figure of alone viewing audiences, in add-on to a method where advertizements are paired up to the correct spectator ( which can be done through enrollment ) . To pull viewership, we must be able to offer a big sum of unique/exclusive content, user friendly interface and attractive maps ( E.g. societal maps, limited downloads, uploading of user contents, etc ) .
G. Understand Customer Adoption
I. Is there an emerging acceptance of engineering merchandises?
Yes. With the proliferation of computers/laptops among all ages, new engineering like netbooks, picture and net application loaded portable devices like nomadic phones, radio and nomadic broadband, the flexibleness of watching whatever you want, whenever you want, where of all time you are. In add-on to diminishing monetary values in support devices like camcorders, camera embedded devices like nomadic phones and lifestyle alterations like blogging. It is no admiration more and more people are following engineering as a manner of amusement and besides as a convenient manner of sharing and watching recorded life events.
II. Make you cognize how to aim the right initial set of clients?
Yes, the initial pick or choice of contents has to provide to each recognized set of viewing audiences harmonizing to demographics/interests, and we will so spread out on that.
III. Does your market focal point on peculiar market sections?
Yes. We besides focus on advertisement via on-line picture.
H. Exploit established company failings
I. Is the company based on a riotous engineering that demands new architectures?
The company is trusting on the bing engineering to pull the client ; invention comes in signifier of how we package/differentiate our merchandise from others.
II. Is the thought human capital focused than instead the physical capital focused?
No, operation is chiefly backed by hardware.
III. Are you come ining a new market with an unknown demand?
No, forecast from surveies for 2007 to 2012 ( Appendix 1, 2 and 5 ) have shown projected demand.
IV. Does the new merchandise brand house established capablenesss obsolete?
No, the new merchandise inventions involves tweaking package and orientate organisation direction/thinking to stress fulfilment of client demands alternatively of sweeping alteration in engineering or forces.
V. Does your thought enforce big issue costs on houses utilizing the old engineering?
Not truly, every houses including Joost are invariably upgrading technologically in order to fulfill the market demand.
I. Manage Intellectual Property
I. Can you develop merchandises and services that rivals will non instantly copy?
Yes, thoughts can be copied, nevertheless it is non possible for them to turn over it out instantly as they would hold to develop and prove before existent execution.
II. How easy would it be for rivals to copy your product/service?
If you are speaking about developing package from our thought, it would be comparatively easy. Therefore, engineering can merely give you a head start ( first move ) or initial advantage. The of import thing is non to rest on your awards and go on to better your merchandise, inventions harmonizing to existent client demands ( ne’er lose path of existent demands ) and to distinguish your service from others, be it methods of making things, handling clients.
III. Could my merchandise or service be protected by secretiveness or effectual patents?
It is possible to patent the merchandise or copyright the package. However, thoughts can non be protected, and that can be copied in another signifier to hedge the jurisprudence.
J. Create Barriers to Imitation
I. Can you make barrier to entry by commanding resources?
As pictures are provided by 3rd parties, they have right to sell to any parties unless you have the exclusive right of administering the picture.
II. Can you make barrier to entry by set uping a repute or benefit from first mover advantage?
Yes. With high popularity due to big assortment of content and user functionalities, you can pull more viewership ; make a trade name and repute which can discourage new entrants. Traveling along, you must be able to invariably fulfill the demands of viewing audiences and clients likewise.
V. Conclusion
Following the analysis of Joost, we have decided as Venture Capitalists that there is a possible for an investing in this house for the undermentioned grounds.
Proliferation of high-velocity cyberspace entree, portable cyberspace entree and on-line picture sing enabled devices like Personal computer, portable devices like laptops, netbooks and nomadic phones.
Markets like on-line picture applications for nomadic phones and even bet oning devices like Nintendo WII are mostly untasted or undeveloped.
The diminishing figure of babe boomers or increasing figure of who are going IT understanding due to convenience or act upon, non burying the IT savvy immature people who demand convenience.
Surveies have shown increased hours on on-line picture viewership and a shift/increase from traditional Television. Where the people go, the advertizers go.
However, we are besides cognizant that there are already established names in the market and our thoughts can be replicated by them, as such, we must:
Constantly better our contents, package, methods and etc. Strive for cost and procedure expeditiously to supply cost nest eggs for clients.
We must understand and fulfill client demands in a heartfelt way. Merely when their demands are understood and fulfilled will clients return.
VI. Appendix
Appendix Figure 1
Beginning from: A Look Inside Online Video Engagement – Part I
Appendix Figure 2
Beginning from: A Look Inside Online Video Engagement – Part I
Appendix Figure 3
Beginning from: Top 10 Video, Multimedia Websites – February 2010
Appendix Figure 4
Beginning from: hypertext transfer protocol: //siteanalytics.compete.com/joost.com+hulu.com/
Appendix Figure 5
Beginning from: eMarketer Revises Online Video Ad Spend Projections Downward
Appendix Figure 6
Beginning from: Top 10 Video, Multimedia Websites – July 2008
Appendix Figure 7
hypertext transfer protocol: //www.reelseo.com/online-video-ad-spending/
VII. Reference List
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