Wooshii, the video crowdsourcing company that set up its North American office in Halifax last year, has been revising its business model with greater emphasis on the creative community as it works on a $1 million fundraising.
Manchester, U.K.-based Wooshii announced in March 2011 that it would set up a North American headquarters in Halifax, housing its development team and marketing executives for the U.S. and Canada. The company operates a crowdsourcing operation, meaning it lets video-makers (or what Wooshii calls creatives) bid on video contracts posted by buyers, usually corporations or not-for-profits, ensuring that each buyer can find the best offer from a community of about 7,000 creatives.
The move to Halifax took place just as the online video boom was taking off, and its growth has greatly benefited Wooshii. According to QuickplayMedia, the number of videos watched online around the world grew by 660 percent from February 2011 to February 2012, and the number of hours of online video watched by an average user increased by 60% to 21.8 hours per month.
Paul Ryan, CEO of the North American operations, said Wooshii’s 2012 revenues are on track to be double the 2011 figure partly because of that trend, and partly because the move to Halifax has aided the business growth in North America.
“It gave us access to additional markets that would have been elusive without having a team on the ground, namely markets like Boston and Toronto,” said Ryan.
Wooshii is now shifting its focus slightly so that creatives can work out deals with each other. If filmmakers aren’t using a piece of equipment for a week or two, for example, they can now find another creative to lease it by advertising on http://www.Wooshii.com. Or, if someone needs to collaborate on a project, they can find the talent they need on the site.
What’s more, Wooshii has set up a new rating system so that buyers and creatives can rate the work of an animator or filmmaker, allowing people with higher Wooshii ratings to find better jobs.
Another shift in focus is that advertising agencies – which initially viewed crowdsourcing operations as competition – are now more willing to collaborate with Wooshii. That trend of working with large partners could expand further as a few multinational corporations with advertising networks have approached Wooshii about developing content for their ad clients.
The company intends to close on a $1 million funding from a number of investors in the New Year. One million dollars is a notoriously difficult amount to raise because it’s too big for angel investors and too small for most VCs, but Ryan said the company has been receiving good feedback from potential funders.
“We’re a good news story, but it’s tricky finding just the right players,” he said.
Disclosure: Peter Moreira has done communications work for Wooshii in the past.