20Four goes bust

[Diamond_Jim 12,629]

Can't say the business case would have thrilled me on this product given the relatively small market.

Andy, those Demonland podcasts must be worth a fortune

"20Four, a new social media platform designed to rival Instagram and Twitter by giving sports fans access to videos shot by their favourite athletes as they trained, prepared for games, and went about their lives, collapsed in late December."

"20Four Media was founded in 2015 and it embarked on a pre-IPO investor roadshow in late 2016. It never reach the point of listing, but corporate documents show it raised more than $4 million from investors.

The app was the brainchild of Carlton AFL player and former board member Adrian Gleeson, who is now executive director of ASX-listed building services company John Lyng Group, and AFL player agent Anthony McConville."

https://www.smh.com.au/business/companies/sports-stars-owed-thousands-after-social-media-start-up-collapse-20190104-p50pk7.html

[old dee 23,881]

Funny I never knew it existed!

[Sir Why You Little 37,220]

Never heard of it. 

Great Marketing...

[Dee Zephyr 19,269]

No wonder it took a dive, Rance posted one of the videos.

Edited January 5, 2019 by Dee Zephyr

[Diamond_Jim 12,629]

33 minutes ago, Sir Why You Little said:

Never heard of it. 

Great Marketing...

how they got $4M of seed capital and then burned it all through and went under owing another $1M is fascinating to say the least.

I can see the idea working in soccer perhaps for some of the mega stars but you would have to be a rather devoted AFL or NRL supporter to pay to get the inner thoughts and doings of your favourite player. Then again I doubt that I was ever the intended market ?

[Diamond_Jim 12,629]

56 minutes ago, old dee said:

Funny I never knew it existed!

it has apparently been in the development mode for a few years before it went under.

On a wider note it does raise the question of whether you can use sport to monetize social media.

The stories one reads about youtube millionaires etc never ceases to amaze me

[old dee 23,881]

5 minutes ago, Diamond_Jim said:

it has apparently been in the development mode for a few years before it went under.

On a wider note it does raise the question of whether you can use sport to monetize social media.

The stories one reads about youtube millionaires etc never ceases to amaze me

How many do you think are true?

[Diamond_Jim 12,629]

8 minutes ago, old dee said:

How many do you think are true?

Now that's a good question.  ?

Edited January 5, 2019 by Diamond_Jim

[Rodney (Balls) Grinter 10,918]

All these superstar sportsman creditors that are owed thousands for fees for posting a few 20 min videos - cry me a river, how are the going to pay to put caviar on the table for their families to eat and afford the mortgage repayments on their Ferrari's and Toorack mansions (I do feel somewhat more empathy towards the Olympic athletes etc. that may be more genuinely needing some additional income).

On the other hand it's also pretty poor form by the main business owners/managers of this enterprise.  It does somewhat astound me that some of these people are pretty much ammune to the same rules of life that govern the rest of us.  They clearly must have seen a fair way out that their business was going down the toilet, but we're probably more interested in syphoning what funds they could into their's and their spouse's inflated saleries and then onwards on to untouchable family trusts than they were about minimizing the losses to anyone that actually invested real money and services into their venture.

Edited January 5, 2019 by Rodney (Balls) Grinter

[puntkick 325]

Can't wait for Carlton to go bust !

[Mazer Rackham 14,971]

14 hours ago, Diamond_Jim said:

The stories one reads about youtube millionaires etc never ceases to amaze me

 

13 hours ago, old dee said:

How many do you think are true?

The stories are real. Maybe the exact dollar amounts are ginned up, but "top" youtube "millionaires" can and do make tens of thousands of dollars every month, some even into the hundreds.

The cost is, their audience is fickle and will ruthlessly flick over to a newer and shinier OMG-you-simply-must-see-this youtube channel at the drop of a hat, so the content providers live in constant fear of an audience drop off (and hence $$$) and end up literally working around the clock to make exciting new content. Some practically never leave their gilded high rise luxury accommodation because "having a life" becomes extraneous.

They burn out sooner or later, with presumably some having held on to their riches and others burning through them, left only with stories to tell down the pub. It's a modern gold rush.