I'm pleased to announce that Storybids, Inc. has been acquired by IDT Media Group of Irvine, CA. I will be joining the Board of Directors and my Business Partner and Co-Founder Juan Prado will be joining IDT as it's incoming President.
IDT Media Group enters into a definitive agreement to acquire Storybids.com
December 8, 2009
This strategic acquisition is meant to strengthen IDT’s Consumer Strategy, Video Broadcasting and Brand Connection to boost IDT’s Music Sponsorship Network (www.musicsponsor.net).
Irvine, California – IDT Media Group, a leading provider of end-to-end artist's solutions and monetization platform to the independent artists community, today announced that it has entered into a definitive agreement to acquire privately held Storybids Inc., which includes technology and related intellectual property, customer and partnership agreements. In addition Storybids’ founders and board members to fill key positions in IDT’s management as well as IDT’s board of directors. With the completion of this acquisition, IDT will provide its independent musicians and film makers customer base additional technology and expertise which ties-in with IDT’s Music Sponsorship Network that was launched earlier this year. In conjunction with this acquisition, Juan Prado will fill the position of President of IDT and Joseph Morin will be appointed to IDT’s Board of Directors. Juan and Joe are both veterans of internet marketing and consumer business model.
Consumer strategy and matching artists and brand-sponsors are critical component of IDT’s total artist solutions, going forward. “IDT is well positioned to expand its base of 70,000 active independent musicians and film makers, by providing a meaningful array of essential tools and services designed to maximize their exposures and income opportunity.” Says Ben Abadi CEO of IDT Media Group.
When fully integrated, underserved independent artist community will benefit from a unique platform that covers all four corners of entertainment, physical, web, mobile and live performances that is tied into IDT’s sophisticated direct and sponsored monetization platform.
“This acquisition is one of many acquisitions IDT has in the works for 2009 and 2010, where my experience can lend IDT the expertise it needs to execute deals in short time frame.” says Juan Prado, IDT’s incoming President and Storybids co-founder. He also added “Timing could not be any better for IDT to consolidate additional revenue, qualified traffic as well as complimentary technologies. 2010 is going to be a great year for IDT.”
“I am excited to be part of a company that has established itself as great brand through technology innovations, reinventing itself. That says a lot about the team. My focus for 2010 would be bringing tons of eyeballs to IDT’s “to-be-launched” entertainment portal and its artist solution platform. 2010 would be IDT’s breakout year, just watch.” Says Joseph Morin, IDT’s incoming Board of Director and internet marketing guru, a well respected evangelist and organizer of www.PubCon.com an Internet Marketing Conference.
“I have known Joseph for a long time and I look forward to working with him and Juan to make IDT a global player in the independent artists community for Music and Film.” Says Leonard S. Johnson, Executive Vice President of Strategic Alliances & Corporate Development of IDT Media Group.
IDT has been an end-to-end artist solutions provider to its 70,000 independent bands and film makers since 2002. Till 2008 company’s operated as a backend technology provider for a number of major brands such as: Guitar Center, Musicians Friend, Harmony Central, American Musical Supplies, American Film Institute, USC School of Films and many more, under its DiskFaktory brand. Since then company has invested heavily into completing its end-to-end artist solutions platform to include:
To learn more about IDT’s services go to www.idtmediagroup.com.
Storybids give content creators a link to the product placement marketplace. Storybids provides an outlet for auctioning online content to advertisers to include their products in online video content. It provides an option for content creators, i.e. filmmakers and musicians to off-set production costs and even make a profit on their creation. It also lays the foundation for independent content creators a bridge to monetization resources traditionally only available to big budget productions.