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.
Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, Oct 3 to take advantage of Early Bird Rates!
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.
IBM Social Analytics: The Science Behind Social Media Marketing
80% of internet users say they prefer to connect with brands via Facebook. 65% of social media users say they use it to learn more about brands, products and services. Learn about how to find more about customers' attitudes, preferences and buying habits from what they say on social media channels.
An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising
If you're considering implementing a marketing attribution model to measure and optimize your programs, this paper is a great introduction. It also includes real-life tips from marketers who have successfully implemented attribution in their organizations.
October 23, 2014
1:00pm ET/10:00am PT