Founded in 2011 in Tel-Aviv, Israel by chief executive officer Zohar Dayan and vice president of business development Yotam Cohen, Wibbitz is a startup company that has created technology that turns long text articles into informative 40-to-60-second video summaries. In June 2013, the company launched its first mobile application available on iPhone. The free app allows users to consume stories from their favorite news, sports, business and entertainment sites in the form of images and animated infographics. An Android version is currently in the works.
“Publishers and news websites are constantly trying to increase their video inventory, the problem is that producing high quality video content is both very expensive and timely,” Dayan said. “Using Wibbitz technology they can easily turn their existing text content into video content in almost real-time.”
He added, “Studies have shown that users are less engaged with long text content and most of the time they’d rather skim an article…By using Wibbitz, users can get the most important information that interests them in the form of highly personalized bite-sized videos that can be consumed on any device.”
According to Dayan, feedback so far has been positive. “Publishers see Wibbitz as an innovative way to scale up their video business and a great solution to their lack of video inventory. Our engagement metrics also show that users like the experience as well. We currently see 25 percent click-through-rate on the videos and 60 percent video completion rate.”
Dayan said Wibbitz has also helped publishers monetize their content with higher CPMs. “In-video advertising is currently the type of ad that generates the highest CPMs on the web averaging at $25 CPM.”
Since launching the app, Dayan said the company has come to understand the content of articles and visualizing them in the most accurate way possible using algorithms and artificial intelligence. “We're creating more than 10,000 videos each day and the data we collect automatically improves our technology.”
Dayan said in the coming year, Wibbitz will expand to more platforms and devices other than mobile and web, and will release the app in several more languages including Spanish, German and French.
“Our long-term vision has always been to become the ‘Play-Button’ of the web, so no matter where you are, you’ll have the option of just clicking play to consume your content,” he said.
For more information, visit wibbitz.com