CNN Buys Beme From Casey Neistat for $25 Million
YouTube filmmaker and vlogger, Casey Neistat, just sold his social media app called Beme to CNN for a reported $25 million. Beme is an app that allows the user to share short video clips. CNN currently has an older audience that doesn’t quite bring in the same type of revenue that the advertisements for a younger audience would.
Casey Neistat co-founded Beme with his business partner Matt Hackett in 2015. Although there are plenty of video sharing apps such as Facebook, Instagram and Snapchat the founders knew that with Casey’s massive following they would still be able to succeed. This is exactly how CNN saw it too. With the world quickly shifting to an online digital age they were attracted to the millions of young fans that Casey is surrounded by. This would help CNN branch out into a new form of media.
On November 19, 2016, Casey Neistat released a viral video titled, “i’m ending the vlog”. This caused massive chaos among his fans giving him a total of 85,000 dislikes on the video as of today. His audience is die-hard and flock to his vlogs to get their daily dose. However, the reason for him quitting his vlog was understandable. Casey’s reason was that the vlogs didn’t challenge him anymore and that he wanted to begin focusing on better and more unique videos that he could take his time on. But with the announcement of him selling Beme many people are skeptical. Is this the real reason he quit vlogging? Part of the acquisition deal includes Casey running CNN’s new network full time. Does that mean he just didn’t have time to vlog anymore?