Welcome to Cheddar!
Former president of Buzzfeed and CEO of
Daily Mail US, Jon Steinberg is launching a new media startup called Cheddar.
Cheddar is a new media company that is hoping the future of digital content is
videos. Targeting the cord-cutting Millennials, Cheddar’s business plan is to
post clip as well as live-stream their daily business commentary straight from
the New York Stock Exchange. We could
call Cheddar the CNBC for Millennials.
Officially launching this Monday, and with
5 episodes already finished, Cheddar seems to continue to gain a following, and
get more publicity. Steinberg plans to one day stream 8 hours of content daily ,
instead of the 1-3 hours Cheddar does now. Cheddar’s live shows will focus on
tech, media, and consumer stocks, because according to survey of 18-34 years
gathered by Steinberg that is what most of the younger generations say they
want.
Monetizing
Unlike traditional pre- and post- roll
advertising dollars, Cheddar wants its main source of revenue to be
distribution deals with services like Netflix and Comcast Watchable. By
securing these deals Cheddar would be able to reach television through
streaming boxes such as Roku, Apple TVs, and Google Chrome. Now although streaming high quality video is expensive Steinberg has been working with Live X, a cloud-based video shooting and editing technology that can make 4K clips with only a on time cost of less than $200,000, which is 10% less than the cost of traditional control rooms.
Final Thoughts
And although we might be biased here,
considering we are also financial media company geared towards Millennials, having
raised nearly $3 million in financing and recruiting Peter Gorenstein, a senior
producer of Yahoo, as his Chief Content Officer, Cheddar just might give CNBC
and Bloomberg TV a run for their money.
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