Thursday, January 20, 2011
Adconion Spins Out Joost
Adconion Media Group, the Internet advertising firm which has been ramping up its operations in Santa Monica, said today that it is spinning out its video product, Joost Video Network, into a new, standalone business, also based in Santa Monica. Adconion acquired the assets of Joost from the founders of Skype in November of 2009. Joost offers up video advertising for brands, as well as related services such as site and inventory representation in addition to content production. Adconion said the new unit will be led by Nick Higgins, former head of global video at Adconion. Higgins also has previously been at MSN. Adconion said that Joost had nearly $30M in revenues in the last 12 months, nearly quadruple its prior revenue. The firm said it expects triple digit growth in 2011.