MySpace, Auditude, business plan competitions, and relocated firms
Los Angeles-based MySpace and Palo Alto-based Auditude had some big news today, inking a deal with MTV Networks to basically allow MTV to insert ads into “borrowed” content. That is, if a MySpace user decides to upload a video copied from or otherwise taken from MTV without their permission, Auditude’s software detects that content and — instead of just banning or removing the content, allowing a user to post that video–but inserting advertising which benefits MTV. It’s an interesting idea.
What’s also interesting is the interesting origins of Auditude — which was the product of a UCLA business plan competition. The firm, which was started in Los Angeles (we spoke to Nicholas Seet, the firm’s founder back in 2007), ended up moving up into Silicon Valley when it scored its first funding round from Greylock (an unfortunate side note–this happens all too often with startups here).
