Periodic Reporting for period 1 - Watchity (Launching the First 360° Crowdsourced Live Video Platform.)
Reporting period: 2017-01-01 to 2017-05-31
Our Solution Watchity is a platform for crowdsourced live video content in which an organization can capture videos from a multitude of users recorded with any device. Watchity allows the organization to issue a combined live multicamera video that is able to display multiple views on one single event, event or place. The core of the platform is the patent-pending technology for the capturing, generating, distributing and reproducing of multicamera videos. We call those crowdsourced videos watchits.
To watch it in action, please go to: https://www.youtube.com/watch?v=LK6aKb3VnEg&feature=youtu.be
We are already in the market with a beta version of Watchity. Our goal is to create more sales for our company by scaling-up the current system with additional features that provide more benefits to users and/or that give us access to more target market segments including platform optimization (scalability, new components and optimize usability), platform debugging (overcoming detects and future technological challenges), adaptation to additional sectors (security, specific features).
The objective of this SME Instrument Phase 1 was to carry out a Feasibility Study to assess operational, technological and economic viability to upgrade our system significantly and become more attractive to a large user base. A secondary objective was to elaborate a Business Plan to define the business growth, sustainability, exploitation strategies and tactics to follow paving the way to global market.
We carried out a TECHNICAL FEASIBILITY study in order to identify the current limitations of our technology in terms of performance, costs, adaptability to the market segments, scalability, globalization, etc. as well as the potential enhancements and product features. Apart from improvements into the existing component, we defined a list of new components with the aim of increase user and customer experience.
We also carried out a PARTNER SEARCH to identify several partners who are willing to test events during the Phase 2 Project to validate and demonstrate the Watchity technology and started negotiations with the most relevant ones.
We run several BUSINESS MODEL simulations to ill speed up the market acceptance and therefore our commercial impact and our competitive advantage, optimizing our profit generation.
We carried out a RISK ASSESSMENT AND CONTINGENCY PLAN in order to identify risks likely to affect and evaluated them to assess the range of possible outcomes and the potential impact of each one. We developed plans to reduce the impact of the most likely risks.
We carried out an INTELLECTUAL PROPERTY RIGHTS STUDY in order to determine the most suitable measures and methodologies for ensure adequate exploitation of Watchity.
We drafted the WORKPLAN for Phase 2 project including description of work packages and tasks, duration of each one and objectives.
Finally we drafted a BUSINESS PLAN assessing the viability of Watchity and including the results from the tasks done.
In the global live streaming market, which will grow from $30B in 2016 to $70B in 2021 at a CAGR of 18,3%, there are several product categories, from Over The Top Platforms, targeted to Media and TV broadcasters with Pay per view or subscription linear and on-demand streaming services, to Niche Video Platforms targeted to a niche market or a specific use case. Some of these product categories, although doesn’t solve the same market need as the one’s Watchity will solve, are in some way related to us, so we can consider them substitutive or alternative products. These three product categories are: i) SaaS Online Video Platforms, ii) Social Networks, and iii) User Generated Content platform.
Compared with state of the art solutions, Watchity represents the first and only crowdsourced multi view streaming platform. Multiple videos recorded by multiple users on any recording device can be merged into one single screen that shows the same event from many different angles in real time. The user creating the watchit can post it to social media platforms or give restricted access to a select group of viewers. Viewers can contribute and decide from which angle(s) they want to watch the event.
Economic and Societal benefits of Wathity are clear. Watchity will improve European competitiveness in the ICT sector. According to Cisco , streaming and internet video is among the top 10 ICT global trends and yet Europe is still behind in this field comparing with the Asian markets. Western markets lag behind Asia Pacific, Latin America and the Middle East when it comes to online video. Europe under-indexes for online video penetration by 23 points, while North America under-indexes by 11. There is a need to further develop this market in Europe in order to lead ICT global market trends. Watchity is responding to a global and European need as live video generates 15 times more engagement than on-demand. Watchity will not only mean a breakthrough in terms of resource efficiency for multiple businesses, but it will also put Europe back on track in the ICT global market as it will enhance internet video consumption. This project needs to be developed soon so Europe is the one creating this new product category.