SplashCast, a Portland, OR-based social syndication startup that had been running on fumes for a while now, has shut down, CEO Mike Berkley posted today on the company blog.
SplashCast originally launched as QMIND in 2004 to offer enterprise e-learning, and in 2007 changed tack to distribute user-generated content through embeddable multimedia widgets. In the last two years the company focused on music, branded content and online TV in turn. But none had enough momentum to attract funding or bring in profits, so it was time to throw in the towel. Berkley writes,
“At each turn, we moved from what ultimately proved to be a declining market opportunity to a larger opportunity. Our product team’s ability to quickly adapt allowed us to maintain product leadership at each step. Our business development team aligned us with the biggest players in the space. Our sales team ultimately found validation in a promising business model, closing advertising campaigns with some of the largest brand advertisers in the world: Nissan, Jack In The Box, Right Guard… We demonstrated that premium content applications in Facebook and MySpace can be monetized effectively with high-end display advertising. But that final chapter in the company’s history came too late, given our inability to convince the VC community to bet on us.”
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