Wooshii, founded in London in 2009, is a work intermediation platform company that has developed an online freelancer marketplace connecting businesses and freelance producers of online videos. Today, Wooshii provides organizations with two delivery models. Organizations that use Wooshii include very large enterprises and even creative agencies. Acting as an intermediary in a large and explosive market, the company has been sustaining itself with little outside investment — less than $1 million as of 2013.
Online Video Spend
Online video has become a mainstay of organizations’ marketing/advertising programs and serves other purposes as well (e.g., training). Here are a few eye-openers about online video spend.
- According to ReelSEO, 96% of B2B organizations use video in some capacity in their marketing campaigns.
- Online video spend could be measured in the hundreds of millions in 2005.
- Magna Global has estimated online video spend would be about $17 billion in 2016, about a 50% increase over 2015. The spend by U.S. organizations in 2016 was estimated at about $9 billion.
- According to Forrester, online video will grow at a 21% compound annual growth rate over the next five years.
Creative agencies and freelance video producers, a highly fragmented supply base, have mainly comprised the supply side of the online video industry. Organizations (e.g., marketing departments) would have to somehow find and contract with freelancers on an ad hoc basis. When organizations' use of online video was still small, this buying model may have been correct and manageable. But as online video has grown, become mainstream and somewhat more commoditized, the buying model no doubt became problematic.
In this context, a platform like Wooshii can become at the very least a part of a solution, by enabling the efficient online connection of organizations and providing cost and performance controls based on the platform functionality and data management capabilities.
What Does Wooshii Do?
Fundamentally, Wooshii provides organizations with access to a large global population of video creators/producers — and vice versa. It also provides capabilities for managing video production projects (i.e., the Wooshii inProduction tool).
Wooshii has two main offerings, Wooshii Managed and Wooshii Scale.
Wooshii Scale allows organizations to initiate and manage their own video production project. Main features include:
- Sourcing and onboarding video freelancers
- Use of Wooshii inProduction to:
- Share files
- Communicate in real time
- Keep track of costs and budgets
- Comment on video versions
- Share with third parties
- Sign off
- Provide feedback
Fees: organizations pay 15% of project value upfront, freelancers pay 15% of project value at the completion of the project
Wooshii Manage, as the name implies, is a service for which the client organization contracts with Wooshii to execute a project end-to-end based on a statement of work and a budget. Experienced Wooshii production managers are assigned to projects, Wooshii is responsible to deliver the online video to specification, on-time and on-budget, and clients get visibility into projects through Wooshii inProduction. The fee structure Wooshii Manage was not available.
Wooshii boasts a list of prestigious enterprise clients, including Google, 3M, Unilever, eBay, Marriott, Merck, Roche, HarperCollins, British Airways, Thermo Fisher Scientific, HP and others.
Wooshii may have been one of the first platform-based intermediaries in this high growth market, but it is certainly not alone. Perhaps most notable, Userfarm (founded in 2006), serves a similar clientele, but with a different platform model, namely crowdsourcing. Other players in the space include Veed.me, Video Brewery, Zoopa and others.
Wooshii provides an instructive illustration of how a work arrangement intermediary platform can arise and get traction in a significant and rapidly growing spend category. Enterprise adoption is typically occurring at the department level, often the case for marketing suppliers and for similar kinds of platforms (e.g., Contently, Applause). Clearly, professionals various parts of the organization value these types of services.
It is also interesting to see that a number of competing platform-based suppliers have emerged (something we have not seen too much of in other markets, which perhaps have less attractive fundamentals). The multiple suppliers here suggest buyers will increasingly have to evaluate different platform-based suppliers with different characteristics and delivery models. In other words, with platform intermediaries, one can anticipate a drift from standardized suppliers (like staffing agencies) to suppliers in a category that do not fit into a single box.
To learn more about Wooshii, visit its website at https://wooshii.com/.