Social media is the next big thing.
Well, that itself is kind of old news but it’s diverging into different media avenues at an alarming rate.
Less than a year ago, live video social network provider, Kondoot, made its debut in the Australian market.
What you might not know is that the co-founders and executive directors of the Australian service are 21-year-old Mark Cracknell and 25-year-old Nathan Hoad.
So do we have our very own Mark Zuckerbergs in the making?
Since its launch, Kondoot has experienced a growth rate of 350 per cent in December (month-over-month) in the US itself. It has also acquired subscribers from over 137 countries.
With Australian and overseas investors showing interest in the business, the company recently decided to look into making it an ASX-listed company.
“Initially, because of ASIC regulations, we were unable to take more than 20 regular investors. We had so much interest and we didn’t want to turn the companies down so, we decided to lodge a prospectus with ASIC to allow that expanded investment,” Cracknell said.
He attributed Kondoot’s budding growth to its recently launched paid broadcasting platform.
The paid broadcasting platform enables users to go online after a brief registration process, create an event, live broadcast it and charge users per view via Paypal. The broadcaster retains 80 per cent of the profit.
“We saw this niche space on the Web and wanted to create a platform that basically provided not only the social side of things but also great content and exciting video all the time,” Cracknell stated.
He mentioned that the solution is not only targeted at celebrities, musicians and the general public but also at businesses.
According to Cracknell, in terms of the paid broadcasting platform, it has been reaching out to businesses such as event producing companies to use the technology provided by Kondoot as a source of additional revenue and getting their presence out faster.
“We have been experiencing great support from the Australian public and strong uptake from Australia, the US and South East Asia,” he added.
Kondoot is planning on extending its global reach by opening up an office in New York and a potential one in the UK later this year to target the European market.
As its first point of focus, it will move some of its marketing and IT staff to the US once the new office is opened.
Based in Brisbane, the company currently has 10 full-time staff, with added support from global contractors.
It has also entered the mobile platform with its dedicated Kondoot app for iPhone and Android smartphones.