The company's now in talks with several other major retailers, says CEO Rob Lane, and is expecting to close some of those deals in 2010. As well, Overlay.TV has opened an office in the United Kingdom within the past quarter to get closer to its largely U.S.- and U.K.-focused customers.
It certainly seems as if the firm is achieving its goals to tap into the vast retail market, which was one of the things the co-founders envisioned when they thought of making clickable videos that would lead shoppers directly to sites selling the featured clothing or other items.
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Not that Overlay.TV didn't see any ill effects from the recession, but it was able to avoid most of it as a result of being in the growing e-commerce space, and since it only launched its retail platform in June.
"We started from zero, and it doesn't get much worse than zero," laughs Mr. Lane, although he acknowledges the business as a whole was under cost pressures. "Then in September there was a shift in people's attitudes and they began to talk sensibly again, and we accelerated through November and December ... It certainly feels, from our perspective, that once we got through the summer, positivity returned."
"A year ago, retailers were questioning how useful video could be. Now, I speak to very few who aren't using it in some form – it's gone from, 'Is it a good idea?' to 'How can I use it?'" - Rob Lane, CEO
As with other startups, however, Overlay.TV is staying the course for now instead of planning for expansion. "We will be adding staff on the back of success rather than ahead of it."
Year founded: 2007
Local head count: 20
Venture capital to date: $9.2 million
Product: Online video platform