MySpace adds video; AOL buys Truveo

Rupert Murdoch

Rupert Murdoch's News Corporation has unveiled plans to launch a free video download service on its recently acquired blogging community site, Murdoch told a technology and media conference that was at the heart of News Corp's newly invigorated new media strategy.

The move to add video downloads will put in direct competition with portals such as Yahoo! and search giant Google. Both have recently unveiled ambitious plans for video services.

Murdoch this month appointed former McKinsey consultant 33-year-old Jeremy Philips to the post of executive vice-president overseeing internet investments and strategy.

Meanwhile, internet portal AOL has acquired video search specialist Truveo for an undisclosed sum. The formerly privately owned company was co-founded by CEO Dr Tim Tuttle and CTO Dr Adam Beguelin in January 2004. Truveo subsequently launched its video search engine technology in September 2005.

AOL said it would integrate Truveo with its existing video search services to create a "single, comprehensive and robust video 'one-stop-shop' search experience that provides consumers with the access, functionality, premium assets, original content, and advanced search tools for unparalleled online video discovery".

"Consumers across the web have eagerly anticipated a video search engine that offers relevant, up-to-the-minute, premium video results," said Jonathan Miller, AOL chairman and CEO.

"Truveo is a hidden gem in the video marketplace, offering AOL members and users of a vast, new array of tools and an extensive collection of updated, hard-to-find video assets. The Truveo acquisition takes AOL even farther down the path of being the premier destination on the internet for video and search."

Tuttle added: "The next few years will see a dramatic increase in the amount of video available on the web. Truveo has spent the past two years assembling a world-class team and developing powerful technology uniquely capable of finding and indexing this vast amount of web video."

Lovelace Consulting  |  12.01.2006

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