CBS Will Try To Convert Last.fm Acquisition To Video Value
By Staci D. Kramer - Tue 22 Jan 2008 10:54 AM PST
One of the questions that comes up repeatedly in chats about CBS: what is the company doing to move last year’s $280 million (£143 million) Last.fm acquisition beyond buzz into value? Looks like answers may be on the way. CBS (NYSE: CBS) has called a press conference tomorrow with CEO Leslie Moonves and Last.fm co-founders Felix Miller and Martin Stiksel. No details yet but it’s to announce “a new unprecedented service”—a video service, we’re hearing; likely mixed with social networking, given Last.fm’s bent. So far, the UK start-up’s experience with video has been focused on music videos syndicated from YouTube to match music on Last.fm.
Moonves and Quincy Smith, president of CBS Interactive, have talked about using Last.fm’s technology across the company. When Moonves spoke at Mipcom in October, he said: “One of the reasons we liked the idea of buying it is, if we can develop a great social networking site around this music content, why couldn’t this extend in to entertainment, in to news, sports, all businesses that we’re in, sharing content, sharing ideas about the content ... ‘if you like this TV show, you’ll like that TV show’ ... chatting about this football game, or that tennis match or whatever - using the brains behind Last.fm to expand in to those other areas.”
As always, we’ll keep you posted.
Tags: cbs,
