Shahar Solomianik

Since Twitter allows only 140 characters…

Can Zemanta Generate Revenue?

with 87 comments

Zemanta is getting a lot of attention lately. And why not? This fascinating blog/e-mail enrichment tool adds new and surprising features on an almost daily basis. But I’ll leave the discussion about their features and products to others right now. What interests me is the business model behind Zemanta.

Exit Strategy

I am not sure what the initial goal of Zemanta was when they were founded, but the moment they accepted VC funding, they had to adopt the idea of an exit on the horizon. Making an “exit” is not necessarily a function of the company’s ability to generate revenue or show a sustainable business model. Sometimes, the acquiring company simply sees a great value in the startup that is not expressed through its financial reports. Google, for example, acquired Youtube before it showed any significant income. Youtube brought something more relevant to them – a significant search volume.

Is Zemanta headed for such an exit? I don’t think so. I see the great value in Zemanta, but at this time I can’t see any synergy between Zemanta and a larger corporation that is already monetizing in the field where Zemanta is currently operating.

Moreover, Zemanta exposed a for-pay service when they introduced their public API. Make more than 10,000 daily API calls, and you are now a paying customer. A few days ago, they exposed a second for-pay product – a per-site installation for a subscription-based fee.

With all this in mind, we can assume that Zemanta does have plans to start generating revenue, and prove their concept with some green lines in their financial reports. But are their current offerings sufficient for providing those green lines? I am not so sure. Let me explain why:

Possible Revenue Streams

There are three type of actors in the Zemanta show:

  • the bloggers/writers
  • the service providers that operate the blogging/writing platforms
  • and the content consumers.

Each one is a candidate to become a revenue stream for Zemanta.

Bloggers/Writers

Zemanta hasn’t yet attempted to monetize their bloggers. But they did not completely close the door to this concept either. Download their browser extension and you are asked to agree to this:

“Our basic service is free, and we offer paid upgrades for advanced features such as customization and guaranteed service levels.”

However, even if they do try to monetize this front at some point in time, they need to have a huge user base for this monetization effort to show significant results. They wouldn’t charge bloggers for more than $5.00/month – would they? and for so little, they need 200,000 paying customers in order to make $1M/month. Assume a generous conversion rate of 1% from free user to a paying one, and Zemanta needs 20M registered users to be successful if they choose this path.

Feedburner jumps to my head now (same audience: bloggers; and same VC invloved): their efforts to monetize their user base by providing for-pay added-value services has failed. Google acquired them not for their paying clients – rather for their feed advertising network. Their “Pro” program’s revenue had probably been such negligible that when Google acquired Feedburner it opened up the “Pro” plan to anyone for free…

Service Providers

Most chances are that Zemanta will keep it’s service for bloggers/writers free for good, and maybe this is why they started their monetization efforts on the service providers front.

At first glance, their chances in this front seem much better. Service providers tend to be willing to pay for service if it is business wise: Let the service users use Zemanta, have them producing content of better quality, and have this translated into better revenue. I can understand that.

However, take any of the two payment scheme Zemanta offers, do some calculations and you still won’t understand how they are going to make some serious money.

Their SaaS offering values their API at a $0.66 – $4.00 per 1,000 calls. Even if they charge at the higher end of their scale, they need to be serving 250M API calls in order to make $1M. Where will they get those numbers from?

Wordpress.com reports about 4M monthly posts. Add up all the posts from all other leading blogging platforms and you’ll get to how much? several tenths of millions per month maximum. Only if you add some 200M emails you may start be nearing the goal. But is this feasible? They need to be converting so many huge service providers for that to happen. This sounds far fetched.

Same goes for their second offering of $2,500/month per site installation. Where are they intending to find 400 paying service providers to pay this price, when their SaaS is so better priced?

The Consumer End

And that brings us to the last possible income stream – the content consumers. Zemanta is not showing any intention here yet, but I think this is where they are headed. Simply because charging their bloggers/writers or service providers can never work for them.

Now, I don’t claim that they will charge content consumers – not at all. That would be ridiculous. But they will need to use the content consuming point to make significant revenues only because this is where the numbers will be big enough. Think about it – each post that utilized a single Zemanta API call can be viewed by several to thousands of readers. An email that is written once with the help of a Zemanta feature can be sent to a lot of people and then be forwarded on, hence being read tenths, hundreds or thousands of times.

In the point of content consuming, numbers get a magnitude of order higher. Here Zemanta can start talking billions. And when you have billions of events, a small transaction fee can be multiplied to generate significant income. How? I don’t know. An advertising network based on Zemanta’s contextual abilities and huge network of publishers? Semi-organic paid link inclusions offered by Zemanta to the bloggers, maybe with a revenue share scheme? an innovative type of another commercial inclusions in blog posts and emails that no one else can yet think about other then Zemanta?

We can only guess the answer – or wait until time (or Zemanta) will tell.

Written by Shahar Solomianik

February 11th, 2009 at 3:00 pm

Posted in Web

Tagged with ,

87 Responses to 'Can Zemanta Generate Revenue?'

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  1. They can do anything. But I pray to God that they don’t choose to charge all users! I am waiting to see what happens.

    Mr. I

    12 Feb 09 at 9:24 am

  2. [...] Can Zemanta Generate Revenue? (shaharsol.com) [...]

  3. [...] an earlier post, I suggested that Zemanta would eventually look for revenue from the point of content consuming, despite that [...]

  4. Nice article,
    check out an interview with Zemanta CEO on Yahoo UK, describing the business model:http://uk.biz.yahoo.com/090408/244/ijo3x.html

    here is a excerpt from the article:
    The tougher test will be turning a profit. Zemanta has mapped out two ways to make money, but neither is yet proven. The first involves sponsored links, similar to the ones that have made billions of dollars for Google. Within a few months, when bloggers use Zemanta to spiff up their postings with related content, the tool also will suggest paid links pertinent to the subject matter.

    Zemanta will get a referral fee from the advertiser every time authors places one of these links on their blogs. Unfortunately, there’s no financial upside for the blogger — for instance, getting a small cut from the advertiser if a reader clicks a paid link. But Spetic argues that related links can make blog postings more useful and pertinent to readers, even if they’re sponsored.

    Commercial Links?

    The second planned source of revenue, on the other hand, does afford bloggers a way to make some money through so-called associate referrals. If bloggers include links in their postings to products or services offered by online retailers — and if readers follow the links and buy something — the merchant will pay a finder’s fee to Zemanta and the blogger.

    The company already has inked one such deal with Amazon, whose “associates” program pays between 4% and 15% of a product’s purchase price for referrals. In February, Zemanta opened a two-person New York sales office to persuade more such merchants to sign up.

    Spetic is conscious that some bloggers won’t want to add any commercial links at all to their sites. And he wants to ensure that authors aren’t flooded with suggestions for links that aren’t appropriate. But he’s confident enough of Zemanta’s business model that he predicts the company will break even by the end of 2010. Current revenues and losses aren’t disclosed.

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