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Media - Thursday, July 10, 2008

PerfectMarket - We're Not Buying

Pasadena-based Perfect Market has raised $15.6M from Trinity Ventures and Rustic Canyon Partners. The company had been incubated by Idealab.

Details are murky but we are pretty sure we get the direction they are headed in. Old media companies - newspapers and broadcasters - revere their archives and put up paid walls to protect them. The problem is that Internet users care little for old news stories. Given the choice between a blog or twitter post made a few minutes ago about the Tour de France and a story in the New York Times on the Tour published last year, 999 times out of 1000, visitors want the new news.

A Number of startups, as well as Google and Yahoo, have turned to old media to work with them on their archives and yet the media companies remain tough to work with.

So despite sketchy details, we are not bullish on PerfectMarket. Give us $15M to invest in new, fresh content and we are pretty sure we can build a much bigger business than one that focussed on archives.

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