“Virtual Greats” Enters $1.5 Billion Virtual Goods Market
Company Launches First Venture in Partnership with Elvis Presley Enterprises, Inc., Justin Timberlake and Gaia Online
SAN FRANCISCO--(BUSINESS WIRE)--Millions of Us LLC, an agency specializing in virtual worlds and large
online communities, today announced that it has launched a new company, “Virtual
Greats,” to take advantage of the rapidly
growing market for virtual goods. In connection with today’s
launch announcement, Millions of Us also announced that Virtual Greats
will have distribution rights for virtual goods associated with the
legendary icon Elvis Presley and superstar Justin Timberlake. In
addition, Virtual Greats will feature Tila Tequila, Snoop Dogg, Paris
Hilton, Raven Symone and Marvel's The Incredible Hulk and She-Hulk,
across multiple media platforms.
“The inspiration for Virtual Greats came when
I realized that this was a $1.5 billion market without any high-value
copyrighted material,” said Reuben Steiger,
CEO, Millions of Us. “Defining the market and
acquiring these rights and distribution has been enormously rewarding.”
Susan Wu, an analyst at Charles River Ventures, estimated in mid-2007
that the virtual goods market was worth approximately $1.5 billion and
growing rapidly. The number of consumers coming in contact with the
goods traded through Virtual Greats is expected to rise rapidly,
particularly in light of research firm Gartner Inc.’s
prediction that 80% of active internet users will be members of at least
one virtual world by 2012.
Discussions are also taking place with numerous other celebrities and
rights-holders. Virtual Greats will sell likenesses, catchphrases,
animations, clothing lines and other merchandise associated with
aspirational characters and entertainment franchises. The new company
will be headquartered in Los Angeles and led by Dan Jansen, former head
of the Boston Consulting Group’s Media &
Entertainment practice and an active investor and entrepreneur in the
new media space.
Virtual Greats will be offering its wares across multiple virtual world
and social media platforms. The company is entering its first major
venture with the massively popular virtual world Gaia Online. Virtual
Greats will connect Gaia’s more than 5
million dedicated users with the virtual goods of stars such as Justin
Timberlake and Elvis Presley.
“This fast-growing, specialized and largely
untapped market presents significant new business and creative
opportunities for both talent and their distribution partners,”
said Dan Jansen, founding CEO, Virtual Greats.
“There's a staggering amount of unrealized
value at the intersection of traditional entertainment business models
and fast-evolving online media,” said Gary
Stiffelman, Partner, Ziffren, Brittenham, Branca, Fischer,
Gilbert-Lurie, Stiffelman, Cook, Johnson, Lande & Wolf LLP. “Teasing
out and defining this new class of intellectual property has been a
rewarding professional exercise, but more importantly, the IP definition
has huge implications and upside for the entire entertainment industry -
particularly artists.”
“We're very excited about our partnership
with Virtual Greats,” said Craig Sherman, CEO
of Gaia Online. “We're always looking for
ways to create a deeper, more relevant engagement for our very active
community. Partnering with Virtual Greats enables us to bring our users'
favorite real-life celebrities in world for a unique virtual experience.”
Virtual Greats, supported by Millions of Us’
partner Omnicom (NYSE: OMC), is developing a centralized digital sales
and distribution system for virtual worlds and related online
communities. These goods will eventually be available for distribution
across more than 60 different online platforms, ensuring aesthetic and
functional consistency for IP owners, along with rigorous piracy
protection. The firm will act as both a financial and technical
clearinghouse for trade in virtual goods.
About Virtual Greats LLC
Virtual Greats is the world’s leading virtual
goods sales and distribution system, connecting celebrities, artists and
content creators with a new generation of fans through the online trade
of likenesses, fashion, catchphrases, and other virtual representations
of real-world talent. Based in Los Angeles, Virtual Greats is affiliated
with Millions of Us LLC, an agency specializing in virtual worlds and
large online communities. For more information, please visit www.virtualgreats.com.
About Gaia Online
Founded in 2003, Gaia Online is the leading teen hangout on the web.
More than five million visitors come to Gaia every month to make
friends, play games, watch movies in Gaia Cinemas, Gaia's virtual
theaters, and participate in the world's most active online community.
Gaia provides a fun, social environment that inspires individuality and
creativity. With everything from art contests to discussion forums on
poetry, politics, celebrities and more, to fully customizable profiles,
digital characters and cars, Gaia is a place where teens can create
their own space and express their individual style. For more
information, visit www.gaiaonline.com.
Millions of Us LLC
Mat Small, +1-510-684-3552
mat@millionsofus.comhttp://www.millionsofus.com