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OTCBB-traded kids media company GoFish is changing its name and altering its business model. The company, which has offices in San Francisco and New York, is rebranding as Betawave, which is a term associated with brain activity. The name reflects the change in focus. Instead of concentrating on kids-themed media, Betawave says it will try to create new kinds of portals — media environments that demand users’ time. In a statement, CEO Matt Freeman described Betawave’s attempts to evolve from portals, saying that where portals are concerned with reach, the sites formed by Betawave will try to stress engagement.
Betawave will pick up from GoFish’s portfolio of casual gaming, virtual world, social play and entertainment publishers. The move follows last month’s $22.5 million financing, which erased the company’s 14.5 million debt burden. The proceeds also went to hiring additional staff in sales and marketing.