As any experienced social media manager can tell you, when a two-year-old social startup manages to raise $13 million in investment, it’s probably doing something seriously right. Like, for example, New York-based Magisto, creators of an ingenious social video editing app, which has just bagged precisely that princely sum, courtesy of a funding round led by Qualcomm Ventures and Sandisk. Other participants included existing investors Li Ka Shing’s Horizons Ventures and Magma Venture Partner.
Video storytelling the intelligent way
But what, the intrigued social media manager will be asking, has attracted hard-nosed investors to Magisto? Well for one thing, its growth has been phenomenal: in the space of just two years, it’s signed up in excess of 13 million users, all of them enthralled by its addictive “video storytelling” app.
The app is little short of a slice of heaven for everyone who hates video editing. And that probably means everyone. Magisto’s proprietary algorithms use cutting edge Artificial Intelligence technology to do the donkey work.
Users simply touch the “Select a gallery” button on their smartphone’s touchscreen, pick the videos they’d like to be edited (and select a soundtrack to play along to them) and then touch the onscreen “Make My Video” button. The app analyzes the videos (its algorithms, to all intents and purposes, understand them) — a data crunching process which enables it to select the best bits, and edit them together.
As the website claims, it converts your plain video into an “awesome, edited and produced movie”, which can then be shared on social networks (it does the same for still images, too, converting them into beautiful slideshows).
Oren Boiman, Magisto’s co-founder and CEO, wants to make it easier for people to salvage and share the vast amount of video they leave lying fallow on their smartphones because they think it isn’t good enough to show. In an email exchange with TechCrunch, he wrote:
“Not [even] 1% of this material has ever left its SD card. If Magisto can mobilize a few percent of this huge data, internet will be entirely different and it will shift the focus onto what is what actually important to us, our life experiences, our shared memories, our stories.”
Qualcomm Ventures and Sandisk, evidently agree. And so will most social media managers.