WeVideo brings video editing online for travellers
TLabs Showcase on travel startups featuring US-based WeVideo, an online video editing platform for travellers.
Who and what are you (including personnel and backgrounds)?
We are WeVideo, the first full-featured online video editing platform for the travel industry and travelers alike. John Canning, our VP of product experience, has a career spanning media production, delivery and platforms for more than 20 years.
John currently serves as VP for WeVideo, responsible for product experience and working with partners and key influencers. Prior to WeVideo, John for Yahoo!, Microsoft and mediaSHERPA, where he focused on transmedia production, products and technology for companies such as Disney, Popbox/Syabas, The A&R Channel, and Digital Artists.
What financial support did you have to launch the business?
WeVideo is currently funded by the founders and private investors with $2.6 million invested to date. The company is in the middle of raising an A round to secure a total of $5 million in funding.
What problem are you trying to solve?
Currently 48 hours of video are uploaded to YouTube every minute; however, the majority of the videos shared are unedited. The barriers of cost, editing complexity and heavy computing resources have restricted the masses from actively using quality video to tell their stories.
WeVideo is about to change all this through its cloud-based video editing platform. This is especially relevant for the travel industry and travelers alike where video is the optimal tool for showcasing travel destinations and experiences.
This opens the door to improved and expanded content for marketing; new, differentiated offerings to travelers such as a collaborative video tour journal; easy-to-access consumer generated media for travel blogs and online publications; and video-based promotions and contests.
Describe the business, core products and services?
WeVideo is an online, collaborative video editing platform. A month after its launch, the platform was also integrated into YouTube to enable YouTube users to take advantage of WeVideo’s unique and easy-to-use video editing tools.
Who are your key customers and users at launch?
WeVideo has seen rapid uptake of its unique platform since its launch.
The platform is being used by individuals with personal stories to tell about family, sports, travel etc. as well as businesses that see value in adding video to their marketing efforts, professional videographers that see new opportunities with the collaborative element of WeVideo, and bloggers and online media that want to cost effectively add video.
Did you have customers validate your idea before investors?
Yes. WeVideo launched a closed beta earlier in the year to get validation on the concept as well as the product itself.
What is the business AND revenue model, strategy for profitability?
WeVideo’s mission is to make video accessible to everyone with a story to tell. Pricing has therefore been a critical element of the strategy. The Company has adopted a freemium model, enabling people to try video editing at no cost.
The WeVideo free package offers 1 GB of storage and 360p export resolution. As users realize the ease of use of WeVideo and the sheer pleasure and power of using video for story telling, they can upgrade to premium packages with increased storage and higher export resolution.
These packages range from $6.99/month to $79.99/month for commercial use.
SWOT analysis – strengths, weaknesses, opportunities and threats?
- We are the first full-featured, collaborative online video editing platform. WeVideo has taken down the barriers of cost, editing complexity and need for heavy computing resources. Browser-based, video editing can occur anywhere one has Internet connectivity. The company’s unique technological approach also addresses the challenge of rendering time, making WeVideo lightening fast to use.
- Right now the platform is only available in English.
- WeVideo is the first to introduce the construct of collaborative video editing. As people realize the value and strength of this feature, a myriad of new opportunities will be realized.
- Our biggest threat is that people assume video editing is too hard. It is WeVideo’s job to inspire them to take the jump.
Who advised you your idea isn’t going to be successful and why didn’t you listen to them?
We have only heard positive feedback from journalists, analysts and investors!
What is your success metric 12 months from now?
We are hoping to hit the 100,000 user mark by the end of this year, and hopefully go up to 500,000 by September 2012, which is a year after launch.
Here is a clip:
Kevin is senior editor and a co-founder at Tnooz. He was previously editor of UK-based magazine Travolution and web editor of Media Week UK from 2003 to 2005.
He has worked in regional newspapers (Essex Enquirer) and started his career at the Police Gazette at New Scotland Yard in London. He has a degree in criminology, a postgraduate diploma in magazine journalism and publishes his first book - a biography about Depeche Mode - in early-2017.