Lays off 120, including CEO Kathy Timko, and shutters New York office.
Canoe Ventures has dramatically scaled back its plans to deliver dynamic TV ads to U.S. cable customers - laying off 120, dismissing CEO Kathy Timko, and closing its New York headquarters.
Gone are plans to enhance traditional TV ads with interactive features such as trivia, polls, and instant product offers. Instead, according to former CTO and now CEO Joel Hassell, Canoe will focus on the lesser mission of supporting dynamic ads in VOD content.
"Our new focus will be on giving programmers the ability to dynamically insert advertising into on-demand TV in a common way nationwide, by expanding our current technical platform and operations to facilitate advertising between many programmers and distributors," new CEO Joel Hassell said in a statement.
The changes at Canoe were first reported by Multichannel News, which said TV ad buyers remain reticent about the potential of the ITV ads. "Among the reasons were that Canoe's reach across households and networks simply wasn't broad enough for the biggest marketers, and that the complexity of executing interactive campaigns didn't justify the additional time and expense," noted the story, even though the company's ITV offering claims to reach 25 million households.
Canoe's remaining 30 staff will be based in Canoe's former technology operations center - and now headquarters - in Denver.
Learn Digital Marketing Insights From Leading Brands!
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda, or register and attend one of the best ClickZ events yet!
Until March 2012, Zach Rodgers was managing editor of ClickZ's award-winning coverage of news and trends in digital marketing. He reported on the rise of web companies, data markets, ad technologies, and government Internet policy, among other subjects.
Hong Kong, October 21-22
London, November 13-14
San Francisco, November 13-14
London, November 18-19
Google My Business Listings Demystified
To help brands control how they appear online, Google has developed a new offering: Google My Business Locations. This whitepaper helps marketers understand how to use this powerful new tool.
5 Ways to Personalize Beyond the Subject Line
82 percent of shoppers say they would buy more items from a brand if the emails they sent were more personalized. This white paper offer five tactics that will personalize your email beyond the subject line and drive real business growth.
October 23, 2014
1:00pm ET/10:00am PT