Betawave positions for the future
ADOTAS — San Francisco-based vertical ad network GoFish, ranked as the third largest online U.S. youth opportunity and a top five ‘mom’ opportunity for blue-chip advertisers, recently relaunched as Betawave Corporation the industry’s first attention based media company. In the past year, The Betawave portfolio of publishers grew to over 25 million unduplicated online users domestically and 69 million worldwide. We asked Betawave CEO Matt Freeman, who is the former Founder and Chief Executive Officer of Tribal DDB Worldwide, about the new company.
You recently changed the name of the company from GoFish to Betawave: what is behind the change and what does that mean for advertisers?
The name change to Betawave, a cognitive term for the mind state of active concentration, reflects the company’s belief that consumer attention will become the new economic basis for brand media. For brand advertisers, our focus on Attention Based Media refocuses the discussion on what is most important to them – not just how many people we reach, but how much attention we can generate for their brand. In an age where reach is relatively infinite, the success metric that becomes most invaluable is attention.
Give us a couple of success stories:
Our high attention environments – we average 51 minutes of attention every month from more than 70 million consumers – are most valuable to brands when matched with attention-grabbing campaigns. We enable and encourage advertising that consumers want to engage with – video, advergames, virtual world integrations, and highly entertaining rich media.
In the last six months, we have run campaigns for CPG companies that have garnered over 50 million minutes of voluntary consumer engagement. We have run campaigns for retailers that have outperformed standard media by a 15:1 ratio. Our aggregate brand interaction rates are 5 times higher than industry norms.
Advertiser use lots of metrics to try and deduce success; what number should they pay attention to and why?
Ultimately, the metrics that matter are those most directly tied to short and medium term sales volume contribution. For brand advertisers – or any non-direct retailers – measurement can be a perennial challenge.
Our research shows that there is a clear correlation between attention and intention. When a brand is able to earn a consumer’s time, the consumer rewards the brand with a much higher degree of purchase intent.
Though more sophisticated models certainly exist, we have found consumer attention to be a simple and strong baseline proxy for sales volume contribution.
Give me a short history of the company:
How much time (or attention) have you got?…
Betawave is a wonderful example of the perseverance of a talented management team. The company has been a video search engine, a video sharing site, and a youth ad network. It has been private & public – well-capitalized & nearly bankrupt.
The intelligent tenacity of the company’s people, however, has remained steady and strong. The truly unique media company that has emerged from this tumult is a reminder that anything is possible. Nokia was once a rubber boot manufacturer.
What have you got in the works coming up in the next six months?
Growth and diversification of our publisher portfolio. Launch of Betawave TV. Exciting advances in our products and analytics platform. Large and long-term partnerships with agencies and advertisers. Potential for international expansion. And – with luck – quite a lot of fun along the way.
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