SnapStream’s CEO Rakesh Agrawal on Bloomberg TV “Market Makers”

SnapStream’s CEO Rakesh Agrawal on Bloomberg TV “Market Makers”


Welcome back to market makers I’m stephanie ruhle with my friend Matt Miller. So the secret sauce behind the satirical Daily show Montages the ones that look something like this late last week It all went down The white house on the defense over a new smoking gun benghazi email some are calling a smoking gun the smoking gun smoking gun It’s one of the worst kinds of guns Smoking Gun…well sifting through hours of TV to find those clips is not a job left to interns It’s technology brought to you by SnapStream a television monitoring company and here to talk about how they make Late-night even funnier is their CEO Rakesh Agrawal He’s in Houston, Texas right now Rakesh we’ve been giving all that credit to the producers the daily show But we should be thanking you tell us, how it works? Yeah, thank you the producers. Do deserve a lot of the credit they they’re the ones who come up with the ideas? But what snap stream is is a TV search appliance, so it’s a box that allows you to record lots of TV So think of it like the dVR you have under your TV at home except on steroids one box can record up to ten television shows at a time And then what we do at SnapStream is we make it so you can search inside those TV shows to pinpoint a very specific piece of content so for the segment you just did the the Producers at the Daily Show would have done a search for Smoking Gun and it would have found all the places where that word showed up in the media and with a click you can watch the show from the point where they said smoking gun, so we’re basically like if you cross a DVR with a search engine we allow people [to] record lots of TV and then search and pinpoint those individual bits of content So they do have to set up the box to record specific shows it’s not like you just have it up and running and it’s recording all of cable television content in America Yeah, as I said it’s an appliance and and so yeah, you’re right they have to schedule their recordings, but we have a program guide that makes it really easy to record everything so your home DVR has season passes where you can record all episodes of a show, with SnapStream you can record all shows on a channel 24X7 with a with a single click and so most of our customers set up the domain of things that they want to follow up front and then they kind of set it and forget it from that point forward It records everything and it’s got lots of storage on it, SnapStream has lots of storage So then they can go and fish out content you know weeks months even years after the fact depending on how big of an archive they built. Do you monitor? what any of these people are who have these set-searches because there’s a lot of compilation videos out there that are pretty inappropriate How do you get involved with monitoring what they’re pulling? It’s an appliance that is located at our customers premises and and so we we don’t track what they’re what they’re searching on in fact we have customers that in federal government The United States Senate and and other federal agencies. We have a lot of financial institutions trading organizations hedge funds that use our product. So we’re not monitoring what they’re searching.Really.. how would a hedge fund use your product? They would use it to track news about a particular subject that’s unfolding in the financial markets could take this morning Gopro went public and so we did a search last night on Gopro And we were able to find all the places where Gopro was mentioned including Bloomberg TV in fact the mention I just made a Gopro would show up on a SnapStream because all of the Searching and the indexing is done in real time. So how I mean It’s a great point and I could see a lot of different uses for this kind of machine even Beyond the Daily Show and hedge funds and federal agencies How how is the market growing for you? Yeah, I mean, we have a very interesting set of customers in addition to the categories I mentioned we had a lot of folks in politics the RNC the DNC We have the media watchdogs on both sides the the Media Matters for America as well as the Media Research Center I mean Did you start out selling a few hundred to the late night shows and then you’re selling a thousand because some hedge fund guys came in and now you’re selling you know 10,000. What are we looking at? We have a few hundred customers, so it’s a niche it’s a niche business It’s something that you know not everyone needs to be able to have this kind of intelligence about television but there are quite a few in our our biggest challenge to growth is awareness the What we see when we go into most customers is a stack of VCRs and DVRs and customers just don’t know up front that there’s a much smarter way to to record TV and then find whatever it is you’re looking for. Has google approached you to potentially buy you because when I think about what you do, it’s sort of high-level searching and Google is the mother of all search engines Yeah, what we do. I think is is is pretty specialized we’re we’re expanding to do some other things nowadays when you’re you when people are watching TV they’re chatting about the TV shows they’re watching on Twitter and on Facebook and we’re adding some pretty amazing Social TV functionality to our product So you’ll be able to see the tweets or the Facebook messages about a show right next to the TV show Post screenshots from the show as well as short clips and and there’s more to come in that category. Hold on a second then if it’s about raising awareness to me you look like a prime acquisition target for a Google for a Facebook for a Twitter Are you in talks with any of these companies? We’re not in talks with with anyone at this point. I Just wonder if you have plans for a consumer-facing product because it would make a lot of sense for you to set up a hundred of your own boxes record everything and then allow people to search for a charge So we actually started out in the consumer space We we got out of that business because the the product we made which turned your PC into a DVR and we sold it at Bestbuy and Microcenter and Fry’s electronics all the retail stores We got out of that business because it was an early adopter product It’s not something that the everyday consumer would be able to set up it really involved installing some hardware on your PC So we know the consumer market really well? And and we I think that there’s, you know, I’m very interested in the future of television And I think that their TV is going to is is is being transformed, but there is a there’s Going to be a sea change that’s coming and and we may be a part of that, but our focus right now is this Enterprise tool for searching television And then for social TV. Great Rakesh thanks so much for joining us.

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