Eyespot is an online video editing and sharing website backed by Michael Robertson, the founder of MP3.com. The video website, which was launched in April of 2006, secured $3.7 million in funding led by Gabriel Venture.
Like Jumpcut, Eyespot is a video remix site that lets users edit and combine videos, photos, and music into a single video. The user-created videos are shared through email, cell phones, and blogs. Users can upload videos to Eyespot through cell phones as well as their PCs.
Tim Chang, a partner at Gabriel Venture Partners said: “We’re still in the early days of user-generated video, and have long believed that a platform like Eyespot is needed to take user-generated content to the next level, beyond simple upload or pirated content to active creation and participation.”
To its advantage, Eyespot has managed to build relationships with media companies that can provide legal content to its users. Its partners include Blip.tv, Veoh Networks, Current TV, and Lions Gate Entertainment. It has also partnered with artists from noteworthy labels like Columbia.
I am not sure how Eyespot plans to monetize its user-base. The site has no ads on it and they have no premium service options. Another problem I see with the site is the quality of videos on there. They are rather obscure. Browse through some of the videos and you will know what I mean.
I think a smart move for Eyespot would be to license their technology to other companies. There are plenty of companies that can use Eyespot’s video remixing technology. Therefore, I can see a good amount of this funding going into Eyespot improving their technology to license out. As for Eyespot’s own user-base, it’s hard to say how much growth it will see. We’ll just have to wait and see how this company does.
