Connekt is a startup that has redefined the concept of making transactions on the TV. It has integrated AI in its platform to allow consumers to purchase goods and get discounts. In addition, it facilitates the interaction with ads through the TV.
It is almost two decades since t-commerce find a way through which consumers could purchase the sweater worn by Jennifer Aniston in one of the episodes of Friends through the TV remote. Ultimately, technology appears to have embraced the idea thanks to a group of streaming players and Internet-connected television sets.
Co-founder and CEO of Connekt, Mike Fitzsimmons, ascertained that advertising done through the TV is at a juncture that offers opportunities for disruption. He also added that over-the-top services and skinny bundles add pressure to the television ecosystem.
Connekt aims at providing interactive and more engaging ad experiences through integrating the t-commerce capabilities into devices that are IP-enabled including smart TVs, TiVo boxes, and Roku players. CARL, the heart of Connekt, is a patented, data-driven AI system that draws a link between the content being viewed with metadata features in a move to relay an appropriate ad in real time. Other aspects of Connekt’s platform comprise of Transakt (t-commerce technology), FLX (ad delivery tools), and Datascope (reporting and analytics).
The company’s platform leverages automatic content recognition technology used for video and audio fingerprints to aid in gathering the required information. Through the data provided, the system can try to persuade the audience or viewer to purchase a given merchandise displayed in a TV show through an interactive advertisement overlay.
Although click-to-buy is a significant part of Connekt’s strategy, Fitzsimmons highlighted that making the ads more engaging and interactive could help boost brand recall. The platform is designed to be effective even at the local level. In fact, ConneKt is also embracing the retargeting concept whereby advertisers can convey digital advertisements to consumers who have already watched the traditional TV spot.
According to Fitzsimmons, Connekt is compatible with any IP-enabled platform. He added a hint about revenue generation, which falls between 10$-30$ million, even though the company is yet to disclose much about its advancement. Fitzsimmons also announced several partners like Hisense, LG, and Roku. Furthermore, he also unveiled the company’s tech agreements with Gracenote as well as commercial deals with Showtime, HBO, and CBS.
Established in 2017, Connekt operates offices in Denver, New York, and San Francisco and has about 50 employees. Although Hillair Capital is an investor, Fitzsimmons anticipates that the company to conduct a Series A round of funding early next year.
Original source Broadcasting Cable