Teen Site Bolt.com Selling Itself Out
By jason - up to 2007 (archived) • Feb 12th, 2007 • Category: News for Creatives (archives)Poor Bolt.com. Seemingly singled out by Warner Music, who demanded Bolt.com remove copyrighted content right after Warner got a piece of the YouTube action, have decided the only way up was to get out. To cover the costs of licensing costs Warner is demanding, Bolt.com is selling themselves to Go Fish (a publicly traded video aggregation and search company) for $30mil in stock. Plus, a shift in strategy was announced, one where they won’t rely on big media for their content:
“In an interview before the deal was done, Bolt CEO Aaron Cohen told us Bolt would be changing its focus, once acquired, to content creation. He said video aggregation, along with its legal intricacies and stiff competition, was no longer an interesting business. Bolt, he explained, would offer its skills at attracting and fostering an internet audience to would-be online video stars.”
Content is King.
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