Earlier this month Revver was hoping for $1.5 million or less in cash and for someone to take over the company’s debt. LiveUniverse was started by Brad Greenspan (founder of MySpace) came just in time. The relationship seemed on/off and Revver was quickly running out of money. They had previously raised almost $13 million in two rounds of funding.
Both companies are located in Los Angeles and Revver employees are expected to continue working under the new management. Revver was founded in 2004. Their affiliate program paid out 20% of ad revenue to whomever created the video.
Here’s a recap of Revver’s most famous moments:
- The viral Coke and Mentos video earned $50,000.
- Blendtec’s famous “Will it Blend” videos made about $15,000 for their antics blending unexpected objects.
- lifeblogger iJustine made $5,000 for her video about her 300-page iPhone bill (hopefully it more than covered the cost of the bill).
Making money on video is challenging though. Podcasting suffers from the same struggle. When I met Matt Mollenweg, the founder of WordPress last month, one of the first topics of discussion was Podango. Podango is a directory of free podcasts that does a similar profit-sharing on ad revenue. He asked how the company is faring and about the model itself.
This announcement should bring video and podcasting sites a little hope.