Thursday, 19 July 2012

18 month old video app SocialCam was bought for $60m

"There’s been a race on over the last year among mobile video sharing apps, many of which have sought to replicate the same type of success that Instagram had with photo sharing. We’ve seen a number of startups — like Socialcam, Viddy, and Klip — trying to attract new users by providing a platform for shooting interesting videos and then sharing them out to other social networks. Well, it’s not the same billion dollars that Facebook paid for Instagram, but Socialcam is one of the first to see an exit, as the app and team were just acquired by software company Autodesk for $60 million.
The Socialcam app launched about 18 months ago, then as part of live streaming startup Then, last August, it spun out from the larger organization, taking CEO Mike Seibel with it and operating as an independent startup with just a handful of employees. Over the past year, the lean team has continued to iterate on the product, first adding Instagam-like filters, and later giving users the ability to add themes and soundtracks to their videos."

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