Richfield, Minn.-based specialty retailer company, Best Buy has made a minor equity investment in Mydeo recently. Mydeo plans on using the funding for its video-sharing services.
The Best Buy-Mydeo partnership website is already online at mydeo.com. Users are encouraged to upload personal videos for storage and then share them on blogs and websites.
“With the growing popularity of video, fueled in part by social networking sites, we’ve actually seen an increase in customer demand for alternative video sharing solutions. Many customers, particularly families with children, don’t want their personal memories available for anyone to see in the public domain nor do they want to share them in a cluttered environment that includes advertising,” said Best Buy VP Kevin Winneroski.
This investment complements Best Buy’s market-share dominance in selling digital cameras and video cameras within the US. The more that customers buy digital cameras from Best Buy, the more likely they are to use Mydeo to share video. Mydeo is based in the U.K.
The base plans for 100 minutes of video hosting with lengths up to 30 minutes each starts at $6.97 per month. Additional storage can also be purchased. A premium user plan includes uploading videos that are 90 minutes in length and can store up to 250 minutes of video for $10.47 per month. Videos can be made private and can be shared with family and friends.
Mydeo was started in 2005 by Cary Marsh and Iain Miller. Mydeo partnered with Microsoft to become the software company’s first European Movie Maker Hosting Partner.
