Question: what do you get when you combine a tremendous market need in a rapidly transforming industry with exceptional technologists who are determined to change the world? Answer: you get a very unique venture investment opportunity. Today, we are announcing our lead investment in Wochit—a company that will be at the forefront of modernizing global video news production, publishing and distribution.
What makes Wochit so special?
The news business is ripe for disruption. Users are consuming news information like never before – but they want it immediate, relevant and accessible wherever they are, especially on their mobile devices. From my experience at YouTube, if users can get what they want from the news when they want it, they would prefer to see it and hear about it, not just read it.
Secondly, getting access to most news stories with quality video is likely to be a day late and definitely a dollar short. In today’s news eco-system there is massive publishing of text-based news, but aside from a few of today’s most high profile headlines there is a shortage of quality news delivered via video,. It’s just a fact: text based news – especially on mobile – doesn’t monetize very well. However, video news stories do just fine, oftentimes commanding premium CPM’s. It’s not surprising publishers of all shapes and sizes are looking for ways to more efficiently create and distribute video news stories.
The Wochit team is diving in to solve both the user need and the publisher problem. These are not challenges easy to solve, so we’re especially excited to reconnect with an old friend, Ran Oz, and a new friend, Dror Ginzberg—the co-founders of Wochit. They bring both world-class technology talent and great entrepreneur bona fides to the effort. We’re thrilled to be working with them and the team they’ve formed.
We’re on a very exciting journey to re-invent the news business. Stay tuned… in video.