WOWIO

WOWIO
Company typePublic
IndustryBooks, Comics
FoundedAugust 2006
FounderWilliam Lidwell
Headquarters
Los Angeles, California
,
U.S.
Key people
Brian Altounian
ProductsE-books
ServicesPublishing, Merchandising, Restaurants, Hospitality, Homebuilding
OwnerBrian Altounian
Alliance Acquisitions, LLC
DivisionsWevolt
TheDuckWebcomics.com
@Brand
Pop Galaxy
Websitehttp://www.wowio.com

WOWIO is a deregistered company based in the United States.[1] WOWIO, Inc. has, historically, operated a digital media and technology development company with a patented process and a proprietary mobile ad-delivery platform that planned to disrupt the eBook distribution landscape by exploiting a previously untapped marketplace: ad-supported eBooks. A new management team announced in 2017 that Wowio will be a holding company supporting a number of investments in entertainment, restaurants, tourism, hospitality and other businesses including homebuilding in Northern California and the real estate development in Arizona.[2]

WOWIO's chairman is Brian Altounian, a former Time Warner executive, founder of Alliance Acquisitions,[3] and former board member (from 2005-2011) of Platinum Studios.[4] [1] Mr. Altounian served as the Chief Executive Officer of WOWIO, Inc. from June 11, 2010 to September 2015.[5] During Mr. Altounian's last months as CEO, Wowio went public with an initial share price over $1; within months, the share price fell below $0.01.[6] Robert H. Estareja, President of Wowio since February 2015, replaced Mr. Altounian as CEO in September 2015.[7] In 2017, Mr. Estareja was replaced with a new CEO, Tony Anish, who announced the new strategic direction for the company.[2] The company deregistered its common stock in July 2018.[8]

History

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WOWIO was founded in 2006 in Los Angeles[9] by "author and entrepreneur" William Lidwell.[10] Its original goal was to provide readers with free, downloadable E-books in exchange for embedded advertisements.[10] Initial offerings in the WOWIO catalogue included public domain titles like Wuthering Heights and Frankenstein, and comic book titles like the Tenth Muse series.

In June 2008, Platinum Studios announced that it had begun talks to acquire WOWIO, hoping to make it a "major cornerstone" of "a global digital publishing distribution initiative."[citation needed] The companies projected that the acquisition would be concluded early in the third quarter of 2008,[citation needed] but issues related to WOWIO's non-payment of quarterly earnings delayed the sale.[11]

In June 2009, WOWIO was purchased outright by Brian Altounian, formerly Platinum Studios' COO (at the time he was still a director).[9] Altounian's company Alliance Acquisitions, LLC is a minority owner, along with a group of investors; Platinum Studios no longer has any ownership stake or percentage.[9] Third quarter earnings for 2008, calculated on a new formula more favorable to WOWIO, were eventually paid.[12] Based on activities from 2008-2011, the State of California found that Mr. Altounian and his company, Alliance Acquisitions, had offered or sold securities by means of untrue or misleading statements and was ordered in 2015 to desist from such activity.[13]

In June 2010, WOWIO raised $1.7 million and purchased the online community WEvolt.[14] WEvolt, which was created by Jason Badower (a comic artist from Australia who has illustrated and colored several Heroes graphic novels) and Matt Jacobs, was a company that enabled comic book artists to create and share their work with their fans. Its online platform allows creators of comics (and eventually other media) to generate revenues by participating in ad sales and other activities such as merchandising. Users can create and submit their original material for broader distribution consideration, or they can simply use the site as an aggregator of their favorite online content.

A week after its purchase of Wevolt, WOWIO acquired DrunkDuck.com from Platinum Studios.[15][16] DrunkDuck was a webcomics community of mostly amateur creators mixed with some Platinum Studios-owned professional titles.[17] At the time of its purchase by WOWIO, the DrunkDuck community claimed 95,000 subscribed users.[15]

By 2013, Wowio distributed content across five proprietary websites, including www.WOWIO.com, www.drunkduck.com, www.theduckwebcomics.com, www.WEvolt.com and www.popgalaxy.com, as well as YouTube.[18] Most of these websites, as well as a new website launched in 2014, www.studiowdigital.com,[19] became and remain inactive within the next few years. The PopGalaxy YouTube channel has 106 subscribers and stopped posting new content in 2014.[20]

In the middle of August 2013 the Drunk Duck site went offline. After repeated delays, the website briefly returned in September 2013, only to soon go offline again. On October 10, 2013, the site was brought back, now rebranded as TheDuckWebcomics.com.

In 2017, new management recognized that "the Company has been dormant due to a lack of funding and the inability to take the products they have been working on to market" and changed the strategic direction of the company. The new plan for the company is to be "a holding company supporting a number of investments in entertaining, restaurants, tourism and other businesses including housebuilding in Northern California and the development of property in Arizona."[2] Announced investments include Castlerock Bar and Grill, Canyon Café, and Wishing Well restaurant in Arizona; Lodgenuity, a hospitality consulting and management company;[21] and land in Avenal, California to build low-income housing.[22] The Lodgenuity purchase was canceled a year later.[23] Wowio deregistered its common stock in July 2018.[8]

Titles

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References

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  1. ^ "Bloomberg Company Overview of Wowio, Inc". Bloomberg News. Retrieved 9 November 2018.
  2. ^ a b c "WOWIO, INC. Issues Information letter to Shareholders". 2017-11-29.
  3. ^ "Bloomberg Company Overview of Alliance Acquisitions Inc". Bloomberg News.
  4. ^ "Brian Altounian Joins Platinum Studios as Chief Operating Officer: Former Time Warner Interactive Executive Brings Both a Proven Operations Track Record and Multi-Media Partnership Experience," PR Newswire (August 9, 2005).
  5. ^ "Stocks". Bloomberg News.
  6. ^ "Wowio Inc".
  7. ^ "Robert H Estareja, Wowio Inc: Profile and Biography". Bloomberg News.
  8. ^ a b "Bloomberg Company Overview of Wowio, Inc". Bloomberg News.
  9. ^ a b c Reid, Calvin. "New Owners, New Business Model at Wowio.com," Publishers Weekly (Oct. 25, 2010).
  10. ^ a b Press release. "WOWIO Introduces 'ebooks for Free' Concept to U.S. Readerdom," PR NewsWire (Aug. 14, 2006).
  11. ^ Johnston, Rich. "WOWIO to Pay All 2008 Second Quarter Payments by November 15," Bleeding Cool (October 1, 2009).
  12. ^ "Turning the Page", Los Angeles Business Journal (08 March 2010). Retrieved on 2010-08-08.
  13. ^ "STATE OF CALIFORNIA BUSINESS, CONSUMER SERVICES AND HOUSING AGENCY DEPARTMENT OF BUSINESS OVERSIGHT Desist and Refrain Order" (PDF).
  14. ^ Wauters, Robin. "WOWIO Raises $1.7 Million, Acquires Online Community WEvolt", TechCrunch (03 June 2010). Retrieved on 2010-08-08.
  15. ^ a b Tartakoff, Joseph. "Wowio Buys Webcomics Community DrunkDuck ", Gigaom (08 June 2010). Retrieved on Feb. 19, 2014.
  16. ^ Dilworth, Dianna. "Digital Publishing: WOWIO Acquires DrunkDuck Comic Book Community," MediaBistro (June 10, 2010).
  17. ^ Marriott, Michel (September 25, 2006). "Using Web as first draft for comic books". The New York Times. Retrieved 26 May 2012. bought DrunkDuck.com, a popular Webcomics site ... community of Webcomics artists, writers and fans
  18. ^ "REGISTRATION STATEMENT NO. 333- 184529".
  19. ^ "WOWIO Launches New Mobile eBook App with over 350,000 Titles". www.businesswire.com. 2014-05-28.
  20. ^ "The PopGalaxy Channel - YouTube". PopGalaxy YouTube Channel.
  21. ^ "Wowio, Inc. Acquires Lodgenuity, Inc". 2018-01-25.
  22. ^ "Wowio, Inc. Attacks Housing Crisis in California". 2018-01-30.
  23. ^ https://www.marketscreener.com/quote/stock/WOWIO-INC-120795862/news/Wowio-Inc-cancelled-the-acquisition-of-Lodgenuity-Inc-34447645/
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