June 4th, 2009
SplashCast: I’m not dead yet! I’m getting better (focused)!
We knew full well that Portland-based SplashCast was shuttering their user generated content (UGC) features. That’s been coming for months.
When initial word of the change in direction reached the SplashCast user base, there was an expected outcry of dismay. But when it finally came down to it, keeping the UGC stuff going simply didn’t pencil out. As such, SplashCast decided to continue focusing on its Social TV efforts where it was gaining traction. And the June 1 shut down of the UGC features came and went without much notice.
And after failing to raise a B round of funding, (CEO Michael Berkley) is now trying to sell the company. Instead of trying to make money off of user-generated broadcast channels, he is focusing on his newer Social TV product, which adds social features such as chat, commenting, and polling to professionally-produced videos.
Michael Berkley writes: “I would just want to make it clear that we are still alive and focused on our social TV product that has great traction and our partnership with Hulu. Meanwhile, we are evaluating various M&A opportunities.”
I pinged Berkley and Tom Turnbull, SplashCast’s VP of Business Development, to get some additional information.
Berkley echoed his comments to Rogoway, adding, “As you know, we switched focus from UGC to premium video over a year ago. It’s official now.”
Tom provided some additional details.
“We were not successful in raising a Series B,” said Tom. “No excuses. We just weren’t able to make it happen. Given limited resources, we need to sell the company. ”
And despite all that has happened, both Berkley and Tom remain “BIG, BIG, BIG fans of Portland.”
To paraphrase Monty Python and the Holy Grail, SplashCast isn’t dead yet. They’re getting better—at least in terms of focus.
To summarize: SplashCast is still in business, but they are for sale.
Which leads me to ask, “Really? Who isn’t?”
Here’s hoping they can turn this sow’s ear of coverage into a silk purse of a successful exit.