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Videona: The first Video Social Network for journalist and prosumers allowing them to optimize the generation of quality audio-visual content through mobile phones.

Periodic Reporting for period 1 - Videona (Videona: The first Video Social Network for journalist and prosumers allowing them to optimize thegeneration of quality audio-visual content through mobile phones.)

Reporting period: 2017-02-01 to 2017-07-31

With no similar products on the market, the primary goal for videona is to provide a professional recording, editing and sharing tool oriented to mobile journalists and prosumers, allowing them to develop piece of news, anywhere, anytime and with similar quality than expensive and heavy equipment when capturing urgent news. The business opportunity is clear:
1) There is a large and fast growing market: consumption of journalism through mobile devices and people reading or watching news through social platforms is a world phenomenon the social web is a great empowering force for information and journalism. videona is a social collaborative platform offering high quality and trustable video news.
2) Need to adapt to social and technological trends: As journalism becomes ever more dependent on new mobile and collaborative distribution platforms to find audiences, news publishers are forced to examine their business models and strategies for the future. Journalist and prosumers are willing to acquire cost and time effective tools to solve their needs.
videona proposes an innovative and affordable business model centred on the mobile distribution of high quality videos reaching audiences globally. We already count with 46,357+ downloads, 685 paying users from +166 countries.

The main objective of videona innovation business project is to become the first professional Video Social Network (B2C) through the development of a disruptive scientific-based set of procedures, algorithms and adaptive routines to optimize the generation of broadcast quality audio-visual content through mobile phones for professional journalists and prosumers. With this project, Videona Socialmedia S.L. seeks to become the first company to develop the most advanced platform for high quality mobile video in the journalism sector with our tool ViMoJo (B2B).
Videona Socialmedia, with the help of the European commission through SME Instrument Phase 1 program performed a set of actions with the aim of testing the products proposed for the B2B market in the field of mobile journalism: ViMoJo. ViMoJo (Videona for Mobile Journalism), in two ways: technically and if the market is ready for a tool like ours. Vimojo enables journalists and prosumers to tell the story they want at the moment they need. ViMoJo is here to disrupt the way professional journalists and witnesses use mobile technology in their workflow, breaking the video editing barrier and enhancing the storytelling process.
The work done is divided therefore into different steps to fulfil the aims of the study, starting by a market feasibility study performed with actual clients and known stakeholders of the digital media scenario. Afterwards we performed a set of actions to engage different stakeholders, going to the biggest European convention on Mobile Journalism, Mojocon (https://mojocon.rte.ie/) and making demos to principal broadcasters and news agencies in Spain. Finally, we performed a customer assessment to find the main elements which are evaluated in a positive or negative way by our customers and to improve our technology and directions. The conclusion of these set of actions is a technological and economic feasibility study, including the refinement of our business plan, described in this document.
The main conclusions of the study are: The business opportunity is clear and it’s worthy continue investing in ViMoJo to become the reference solution in Mobile Journalism.
1. In the technical side, we adapted our solution to the customer:
a. We adapted the format and quality to broadcast standards. That mean HD(720, 1080) landscape videos and specific frame and bit rate.
b. We have added two different ftp options, so they can have a breaking news channel.
c. We identify the important data to be attached to a video to fight against fake news, and develop a module to embed this metadata into the video.
2. In the economical side, we developed a model focused on white labelling to broadcasters, news agencies and digital media so they can promote the app to their audience and reach a broader market.
Thus, our Unique Selling Proposition for B2B is: Vimojo will help you to easily reach your audience in the same language they are speaking and gather content from them that fits into your workflow.
While for B2C is: Monetize the videos, you are uploading to social media and be featured in the media you like most.
Regarding our business plan, to accelerate market introduction and therefore to implement our go-to-market strategy, we will focus mainly in the B2B licensing plan and leaving the B2C part to be performed by the clients we reach. To reach this goal, we need to:
1. Develop new functionalities and features to adapt client’s requirements and needs.
a. Add a new video track to the edit room.
b. Import or take photos to add to the composition.
2. Re-structure/update our operational capacity since we are growing and need to be prepared for the new clients and users from different countries; build a relevant network of stakeholders including strategic partnerships and alliances to strengthen our presence and capacity in the target geographical areas.
a. We need to settle commercial offices in the main markets we want to address with a local country manager that knows the environment.
3. Test and demonstrate at large scale that the Unique Selling Proposition we are offering to our clients, together with the revenues model, reach the acceptance we expect. This is also relevant to test and fine tune our business model and revenues, ensuring we are scalable and sustainable in the long term.
4. Protect our tangible and intangible assets and look for financing sources to carry out the work related to points 1.-4. In this sense, SMEi-2 is a perfect opportunity to boost and implement our business plan, accelerating the market introduction of ViMoJo in the target countries.

Thanks to this project we estimate to reach a turnover of 2,299,590.00 € in year 3.
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