Social media managers will be aware that some people have a talent for producing content that can influence others on social networks with elegance, humor and originality; and New York’s social exchange platform Headliner.fm has acted as an online hub for these talented influencers to promote one another’s content since its launch in 2009. But this week, it’s announced a name change and a sizeable cash injection.
Not just for musicians
Courtesy of a seed funding round led by ff Venture Capital, Headliner.fm raised a handsome $1.8 million this week and morphed into “CoPromote” (other participants included Alpha Prime Ventures, Correlation Ventures, Rubicon Project president Greg Raifman and The Social Internet Fund).
The inquiring social media manager will want to know what prompted the name change and the answer points to the startup’s success. Originally aimed at musicians (hence the “fm” bit), its community expanded and diversified to include a whole raft of creators and marketers, from bloggers to online video producers, app developers to charities and small businesses. Suddenly, having a name with “fm” in it was starting to get a little misleading because it’s certainly no longer limited to musicians. So “CoPromote” came to be instead.
Small-budget creators, big talent
The startup’s CEO and founder, Mike More, is well aware that other social promotion exchanges are out there, like Klout for example. And his answer to the skeptical social media manager who wonders what’s so unique about CoPromote is this: its rivals cater almost exclusively to big brand advertisers, while CoPromote’s target community consists of the smaller content producers and content marketers.
For these small but creative types, it doesn’t make sense to advertise on Twitter, Facebook or YouTube, largely because, as More puts it, “they do not deliver the one action which content marketers value the most: shares or retweets in a manner which [makes] economic sense.”
More is clear that people don’t feel tempted to spam followers with random links; CoPromote takes care to match users with content they find relevant. And with 45,000 daily users, he seems to have struck a chord. CoPromote, he claims, can frequently lead to 26 times more sharing of a post.
The service is free for single campaigns, but those who want to run more than one simultaneously can upgrade to a subscription service.