Archive for December, 2005

Surviving Openness

Wednesday, December 21st, 2005

Get any size group of mobile media or application providers together and within minutes the conversation usually turns into a bitch session about carriers. Among the many complaints about carriers, this one comes up 100% of the time:

“Walled gardens are bullshit. Carriers should provide open access to their deck/billing/users.”

It appears to me that the number one complaint people who work at non-carriers have about the carriers with which they are trying to work is that they have to work with them.

But consider for a moment, dear mobile content provider, why our industry works the way it does. And consider the implications of your desire to change it, which could be very very bad for you.

Never mind that the wireless carriers have spent billions of dollars to deploy their networks so that they can serve their subscribers. Serving their subscribers means focusing on a certain QOS level for primary services. Voice is a primary service, and still represents the lion’s share of revenue. Spectrum is a scarce resource. By carefully metering the content that gets provisioned on their networks, wireless carriers are doing consumers a great service. We have seen the result of unchecked access on the internet. The result is spam. It would be bad enough to get unsolicited emails to my handset about porn, mortgage refinancing and Russian pharmaceutical providers. But network utilization is a bigger concern for me. There may be a time when I need to dial 911 from my mobile phone. When I do, I want that call to go through. I don’t want a busy signal because the network is overtaxed by kids downloading music to their fabled iPod phones or streaming mobisodes of the hit TV show 24.

Fortunately, I won’t really have to worry about that. DVB-H (or MediaFlo for us true believers) is a separate transport mechanism. But still, let’s consider the true implications of open access to wireless subscribers.

First, a working definition of Open: The ability to provision content of any size directly to subscribers from any source with no restrictions on the part of the provider or consumer as to how the content is accessed. The first thing we would see is Apple enabling people to download songs to their handsets. But handsets would be open, right? Openness means Verizon Wireless won’t cripple the bluetooth functionality in their handsets to limit it to working with the bluetooth headset. This means subscribers could transfer MP3 files from their PCs to their handsets, and it is their fair use right to do so without being encumbered by any DRM bullshit. So the second thing we would see is subscribers transferring songs to other subscribers via bluetooth. That’s when the RIAA and MPAA will get their panties in a bunch again. But it gets worse.

Here is my brief blueprint for a file sharing system on mobile devices in four easy steps:
1) Subscribe to cable television.
2) Download the (yet to be developed) mobile version of LocationFree or Slingbox to your mobile device.
3) Capture a stream of your favorite movie or music on your mobile device.
4) Bluetooth it to your friend or attach it to an email and send it.

The concept of watching your own TV signal remotely is protected by fair use. The problem with my simple blueprint is that there is currently no record button. But if walled gardens go away and anyone can create any application for mobile devices and users can readily download them, then how long will it take someone to build a Slingbox competitor in J2ME? Then how long will it take another programmer to add a record button?

BTW, I am all about the functionality I propose because there are very compelling non-infringing uses of such a system. Maybe I want to timeshift my favorite TV show and watch it later on my mobile device on the plane. This would require a record button. Then the issue would be locking down the device, as Sony did to my PSP. Right now I am streaming television to my PSP. Even if I could record it to watch later, the PSP is fairly well locked down so I would not be able to send it to another person’s device. But that’s what I call a walled garden. What we want is openness, right?

If you are in the business of selling content that has a discreet beginning and a discreet end, openness will punk your business. Most of the non-messaging mobile media revenue today is from discreet media: Games, ringtones, wallpaper and songs all result in a download. This means that open networks and open devices will provide a way around the most important aspect of the walled garden system, which is that content is forced through a carrier-controlled billing mechanism. The business models of all current mobile content providers rely on an environment that artificially suppresses the economically competitive force of freely available goods. This makes perfect sense. When you go to the music store, you expect to pay for music. This makes the music store a good place for music companies to sell their music. It is essentially a closed system – the only way to get the music is to buy it, and there would be no incentive for the music store to put aside some square footage for the music company that wants to give their product away. Now, when you want to steal music, you do it online. This makes the internet a bad place to sell your music. As an open system, the competitive force of “free” overwhelms the legitimate “for sale” business model because as currently deployed, the “free” music option is actually easier for consumers than trying to pay for it online.

So handsets are changing from black boxes with simple mechanisms like forward lock, so people cannot send ringtones to their friends, into white boxes with operating systems that enable users far greater flexibility in how they manage media with their devices. Networks are also opening. Dual-mode handsets are shipping. When your handset sniffs an open WiFi or WiMAX network nearby and automatically switches over to that network, what competitive pressure will this put on wireless carriers? You can buy a piece of content through the Cingular storefront, or you can simply download it from the internet for free or get it from your friend’s device. Which would you choose?

Make no mistake: This is going to happen. The existing business models of many mobile media companies that rely on a closed network environment are seriously threatened. It is already happening in other ways, too. I was at the fall CTIA show last year in SF and some crazy drunk girl whom I had never met before accosted me in the lobby of the W hotel saying I was traitorous and was going to ruin the ringtone business. Through her slurring nonsense I finally figured out that she was referring to my angel investment in Xingtone, a company that enables users to record a clip of a song and make it their ringtone. She was misinformed, and apparently just generally stupid on top of it, but she made a good point: When consumers have another way to get content, they will use it if it is easier/cheaper/better. (I would argue that Xingtone is cheaper and better, but not necessarily easier at this point, though it is the only tool I use for ringtones now.)

Future-proof Mobile Media
Are you convinced yet that the last mobile media business you want to start or invest in at this point is one that pushes media to consumers? Let me try to illustrate further. I even made a picture.

Start with Mobile TV. Is network-scheduled TV on my handset compelling? Let’s say for the sake of argument that it is. Ok, so would you rather pay your wireless carrier an additional subscription fee for it or get it for free via the soon-to-be-developed mobile Slingbox competitor? Slingmedia could kill the entire Mobile TV opportunity with a mobile client if they can get it to work correctly on the WAN the way it does over WiFi. Mobile TV, in its current incarnation, is simply capitalizing on a device trend that makes mobile phones another distribution channel for repackaged content. Without a walled garden, this business cannot be sustainably monetized. The same is true of all content businesses that push content to consumers.

To avoid this pitfall, shift gears and look at what people are spending money on that isn’t pushed content and try to make it better. SMS. People happily spend money to send messages to each other. Great, so how can you make it better and so much more valuable that people will pay you more than a nickel? Pictures. I am willing to pay up to a dollar to send a picture. Well, if I will pay that much to send a picture to another person, then being able to post it to my blog for the same amount of money makes it even more valuable to me, because the whole world can see it, right? Yes, sort of. I think the opportunity for moblogging and messaging-based mobile communities is far greater than network-scheduled pushed mobile TV. But context becomes a problem. The SMS communities I have used have too much noise and not enough signal. Most of the moblogging solutions I have seen enable users to post content to a web-based environment, which basically divides the user base in half – web users who consume data and mobile users who produce it, since the mobile user cannot consume it on their handsets. This opportunity is great because it capitalizes on both a device trend (mobile phones turning into Personal Media Devices or PMDs) and the convenience factor of having it with you all the time, so when time and place matters, consumers are properly enabled. The trouble with this in the long run is that the real value is convenience. Posting content from my phone to a website is not particularly mobile relevant because there isn’t an aspect of it that returns value to me at the margin. There is no connection made through my mobile device.

The LMNO is different. It’s focus is on interactivity between users and adds the Z-axis that is location and proximity. Match.com is a good example of an LMNO that does very well in the most open network environment, the internet. Match.com connects people via proximity in a geographically relevant environment through the media that users create. This makes them an LMNO. All internet dating sites are marketplaces where user-generated content (in the form of pictures, profiles and messages) is transacted to connect people. Match.com’s hundreds of millions of dollars in revenue are due to the fact that the value is in the network of people, not the content itself per se. It is the content’s role in the connection process that requires its presence, and it is very important in this regard, but it is the marketplace itself that makes people want to pay to join it. It is that interactivity that separates the LMNO, even though it is essentially media that passes through the system. It’s just that the media is created by users.

Match.com Mobile is doing very well, but that is just one application. There are hundreds of LMNO verticals that make sense in the mobile space, and they all have one thing in common: They are valuable in either a closed or open network environment because they do not rely on artificial barriers to support their business models.

You may or may not be convinced. (I may or may not be correct.) I just wanted to illustrate the incredibly valuable position the wireless carriers have in the mobile media space which is not only to their great benefit, but to the current benefit of the ecosystem that has been built around it. I also see that as an industry we are marching inexorably toward an open environment and wanted to argue that when that happens, the traditional media distribution value chain will be compromised. It is time to evolve. If you are one of the many smart entrepreneurs or investors looking at the mobile space, just consider what I have said before you decide jump in. We don’t need another ringtone provider. The gaming thing is covered. If you think I may be making some sense, please build an LMNO. In any case, look past today and think a little differently to build the mobile media companies that are going to be truly valuable tomorrow.

MoMo SD at Intercasting Corp Dec. 19

Wednesday, December 14th, 2005

We are hosting the Mobile Monday San Diego chapter event next Monday at the Intercasting Corp World Headquarters. Starts at 6:30.

Clicky for details.

I am told that they will be coming off the presses this weekend, and if so we will be giving away a rare and highly desirable limited edition Rabble t-shirt to the first 10 people. Anyone who wants one after that will have to beat our best rider in an electric scooter race.

Also, I doubt there will be refreshments unless someone else is bringing them. However, Harry’s Bar and Grill is right on the other side of the “water feature” out front, so join us afterward for a drink if you can.

JAMDIS

Tuesday, December 13th, 2005

I got a call this morning from a buy-side analyst. They were smart guys with an eye on the space, just wanting to chat about where mobile media is going. I think our general agreement was that it is going up, largely because of the recent announcement that EA is buying JAMDAT. It seems like a lot of money to most people, and when a large company pays a lot of money for a smaller company, it has the effect of immediately legitimizing the space and whipping up froth.

Another recent example is News Corp. buying MySpace. Whether you saw it clearly before or not, all of a sudden social networking platforms as marketing vehicles make a lot of sense to almost everyone, and the number two through ten companies in that space get a lot of attention while at the same time two guys in a garage (the real threat to any established company) quickly get funded by the least expensive of the many competing VCs.

So, did EA overpay? No. In fact, I think this is a bargain, given the huge opportunity in the mobile space and JAMDAT’s mindshare and leadership position in the market. And btw, congratulations to you, Mitch and Scott. You have built a leading company, returned significant shareholder value and found a nice place to continue to add value with a partner that will clearly benefit in the long term.

You may recall I mentioned before that I registered the domain JAMDIS.com, which I plan to set up as a major competitive threat to JAMDAT. I, too, will make mobile games – but they will be better because of my superior ability to predict winners in a hit-driven business. I will walk into the network operators and they will be convinced that they should only sell my mobile games, to the detriment of my would-be competitors. Our exclusive deals will be inked on the spot and will be papered and implemented in a matter of weeks. Consumers will be able to distinguish my mobile games from those of other mobile game publishers and will readily adopt my mobile games over those of any other publisher. I will have brilliant marketing, with edgy sms ads that the carriers will endorse and consumers will appreciate that will make consumers flock to my not-hard-to-find place on carriers’ decks everywhere. “Why JAMDAT when you can JAMDIS?” will be my slogan, and kids everywhere saying “JUST JAM DIS” will perpetuate a viral promotional campaign that will inject my company into mainstream consumer consciousness. My supremacy will be unquestioned, and all shall love me and despair. Much ass will I kick, because it’s just that easy.

So given EA’s vast resources, they should have just registered JAMDIS and kicked JAMDAT’s ass. And that’s what they would have done if it were that easy.

Have you read Ries and Trout’s 22 Immutable Laws of Marketing? The second law is the law of category. If you can’t be first in a category, set up a category you can be first in. Trip Hawkins started EA in 1982 and was the 136th game publisher in the U.S., so clearly JAMDIS cannot be the first in Gaming. JAMDIS also cannot be first in Mobile Gaming because that is owned by JAMDAT. The first company establishes the market and gets to lead in it. But was JAMDAT truly the first? No. Which brings up the third immutable law of marketing: It is better to be first in the mind than first in the marketplace.

Even though JAMDIS will be better, it will never be first in the minds of consumers in Mobile Gaming. Nor would EA. And so they bought JAMDAT. Yes, I am sure there were some other details that factored into the decision other than the first 15 pages of a marketing book, but simply put, it was more cost-effective for EA to buy JAMDAT than to build a competing organization of their own.

Every company wanting to enter a space first makes a partner/build/buy decision, usually executing in that order: First you partner with someone to learn about the opportunity because it is the lowest risk for companies that typically do not establish budgets for new endeavors. The main reason budgets do not exist is because research does not exist in fast-moving markets to justify the risk of capital. After some time spent partnering, a company will assess the future opportunity based on their past success and explore a make/buy decision. Excepting deep IP-based ventures that require full ownership of the developed intellectual property and exploitation over decades, the return on capital of investing a dollar internally to make something is often less than the same dollar spent to buy something. This is particularly true for media companies, the value of which is locked up not in technical know-how, but in exclusive rights to content, and even moreso for public companies: Spending $100mm to buy a company with a run rate of $20mm is actually accretive if you have more than a 5x multiple. Spending the same $100mm internally may have no guarantee of success at all. Of course, some companies with laser vision skip the partner step altogether, and I personally think this acquisition makes sense on its strategic merit regardless of revenue.

Anyway, I imagine the mobile gaming space is highly strategic for any existing gaming company, but I also think it is highly strategic for ANY media company if you believe that gaming in the future is a promotional channel, as well.

I mentioned before that I thought an EA acquisition would make a lot of sense, but that they weren’t my top pick – I favored a media company like News Corp. because they could more effectively offer an off-deck promotional channel. But I also said that if some other gaming company bought JAMDAT they would give EA a run for their money in five years if you believe that the platform of choice in five years is not consoles but mobile PMDs. I think that’s a stretch for some people, but not for a true believer like me. (But of course I am often wrong, so take that for what it’s worth.)

Anyway, EA and JAMDAT ride off into the sunset and will likely dominate for years to come. So now what? Well, the bar just got raised for Activision and THQ, the latter of which has a mobile division, but then again so did EA. And who do you buy to stay in the game? (get it?) Gameloft, sure. But then you must quickly move to the private gaming companies. I think this continues to bode ill for mforma’s IPO as they start to look more attractive as an acquisition for a #2 mobile gaming player. On the other hand, with the only North American pure play absorbed, the market may support a standalone mobile gaming company.

I also think this is net negative for smaller mobile game companies pursuing the traditional deck-placement model who aren’t lucky enough to get acquired by mforma, as they will likely get marginalized without the heft of a decent-sized publisher to push their wares. The exceptions will be those who find a different distribution channel.

Another notable consequence is that other players in the general mobile media space may as well pack it in as far as the gaming segment goes if they cannot get their hands on a player of significant size. InfoSpace is worth noting here as one of the only public companies in the space. I think they have a decision to make about what kind of content they want to be provisioning. Buying Isaac’s company didn’t provide sufficient propulsion in this segment, but there are many more small companies left. (I wouldn’t bother - gone is the opportunity to roll up a dozen small companies with $100k run rates to get a foothold. I think it is too late for them to include gaming among their many competencies, and they don’t appear to have such an ambition anyway.)

The last possible consequence of a $680mm acquisition in the mobile media space is that it gets the attention of large media companies who now have a benchmark to legitimize serious interest in the mobile space. I expect IAC, News Corp., Yahoo, Time Warner, Reuters and others to start looking seriously at the mobile space. What they will find are comparative bargains to building a presence in the mobile space from scratch:

Blogging
Community
Dating
Directory/Search
Enterprise/Productivity
Gaming
Infrastructure
Location
M-commerce
Marketing
Messaging
Music
User-Generated Content/Citizen Journalism
Video
Voice

There are small- to medium-sized companies in the mobile space in all of these categories and more that have been operating under the radar of the major media companies, establishing distribution and customer bases, and generally building value. What kind of functionality does your major media company want to bolt on to your existing business? Will 2006 be the year of consolidation in the mobile space? Yes.

JAMDIS is for sale, cheap, and it’s gonna be big. Ping me offline if you are interested. ;-)