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Deal Radar 2008: Revision3

Posted on Friday, Jul 25th 2008

Revision3 is a San Francisco-based Internet TV network. The company was formed in 2005 by Kevin Rose, Jay Adelson, Dan Huard, Ron Gorodetzky, and David Prager to address the lack of good content on traditional television.

The name is an extension of this idea: Jay Adelson and David Prager told ZDnet that ‘Revision3’ reflects the evolution of video programming. Ground zero was broadcast television, cable television the first revision, PC-based Internet video the second revision, and the third revision, or Revision3, the amalgamation of TV and Internet coverage.

The content that Revision3 provides is aimed at viewers who are looking for in-depth programs that will entertain and educate. Shows fall into three broad categories: technology, music, and modern culture. To make its content widely accessible, not only does the company use multiple platforms for content distribution, but it also supports various video encoding formats which allow viewers to watch the shows on any device, from HDTV to iPods to cell phones. Some of the platforms that distribute Revision3 shows include BitTorrent, DIvX, iTunes, Odeo, Palm, and PyroTV.

In July 2008 the company partnered with YouTube and launched a Revision3 channel at YouTube. The company also signed a deal with Breaking Media in June and a content deal with Hulu in May 2008.

In June 2008, Revision3 was honored with two Webby awards in the People’s Voice Category for the shows “Diggnation” and “The Totally Rad Show”. Revision3 was also an Official Honoree in the technology category for “Tekzilla”. David Berger, who joined the company in January 2008 as director of Business Development, was appointed director of Programming. In his new role, Berger will be expected to identify and create partnership deals and maintain joint venture deals on broadband, mobile and traditional media platforms. Prior to joining Revision3, Berger was the head of creative development at the Walt Disney Company.

In January 2008, the company announced that 2007 had been a record year for them during which there was a substantial increase in viewership; they delivered 25 million shows, and over 103 million clips. The Revision3 audience broadly falls into the 18-34 male demographic. According to Quantcast, the Revision3 site attracts 373,914 global uniques per month.

The company is modestly funded at $9 million. It raised $1 million in a Series A round of funding from Greylock Partners and $8 million in a Series B round, again from Greylock Partners. The company’s revenue model is advertising focused on product placement. Current advertisers include Sony, Netflix, Dolby, Microsoft, IBM, HP, Southern Comfort, Virgin America and Verizon. In an interview with Red Herring, CEO Jim Louderback said that the company is not looking for further funding and is sitting ‘pretty’.

Nine million dollars may seem like a small amount; however, compared with competitor, Revision3 is adequately funded. The company’s accessibility model and focus on niche subjects seem to have worked. Revision3 knows just what it takes to get customer loyalty in its demographic. A healthy dose of Digg’ing doesn’t hurt either!

This segment is a part in the series : Deal Radar 2008

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