Wetpaint
{{Short description|Internet company}}
{{redirect|Wet Paint|the silent film|Wet Paint (1926 film)|the Disney film|Wet Paint (1946 film)}}
{{infobox company
| logo = Wetpaint-logo-2015.png
| type = Subsidiary
| foundation = October 2005
| defunct = 2020
| location = New York City, U.S.
| num_employees = 65
| industry = Internet technology (2006–2018)
| products = Technology platforms for the media industry; formerly wiki hosting
| revenue = Venture capital funded
| owner = Function(X)
| homepage = http://www.wetpaint.com (defunct as of mid-2020)
}}
Wetpaint was an Internet company and a wholly owned subsidiary of Function(X). Founded in 2005, Wetpaint both published the website Wetpaint Entertainment, focused on entertainment news, and developed a proprietary technology platform, the Social Distribution System, that was used to provide analytics for its own website as well as other online publishers. Wetpaint began as a wiki farm, hosting wikis using its own proprietary software, before moving into hosting of professional content in 2010.
History
Wetpaint was originally called Wikisphere, and begun as a wiki farm, hosting wikis using proprietary software. It was co-founded in October 2005 by Ben Elowitz, who had previously co-founded the online jewelry retailer Blue Nile Inc. In December 2005, the company and site were renamed to Wetpaint.{{cite news | url = http://blog.seattlepi.com/venture/archives/100675.asp | title = Startup Wikisphere changes its name to Wetpaint | publisher = Seattle Post-Intelligencer | date = 2005-12-01 }} In October 2005, the company received its initial A round of venture capital funding of US$5.25 million from Trinity Ventures and Frazier Technology Ventures.{{cite news | url = http://www.seattlepi.com/business/246734_wiki02.html | title = Startup Wikisphere raises $5.25 million in 1st round | publisher = Seattle Post-Intelligencer | date = 2005-11-02 | first1=John | last1=Cook}} Wetpaint closed a US$9.5 million 'B' round of funding in January 2007, adding Accel Partners to the list of investors.{{cite news | url = http://www.redherring.com/Article.aspx?a=21412&hed=Wiki+Providers+Score+Funding§or=Industries&subsector=InternetAndServices | title = Wiki Providers Score Funding | publisher = Red Herring | date = 2007-02-22 }} Wetpaint closed a Series C round of venture capital funding of US$25 million in May 2008. Investors included Accel Partners, Trinity Ventures, and Frazier Technology Ventures.
Wetpaint was named by Time Magazine as one of the 50 Best Websites of 2007.{{cite news | url = http://www.time.com/time/specials/2007/article/0,28804,1633488_1633608_1633634,00.html | archive-url = https://web.archive.org/web/20070712093743/http://www.time.com/time/specials/2007/article/0,28804,1633488_1633608_1633634,00.html | url-status = dead | archive-date = July 12, 2007 | title = Wetpaint.com - 50 Best Websites 2007 | publisher = Time Magazine | date = 2007-07-09 }}
In March 2008, Wetpaint added social networking features.{{cite news | title = Wetpaint Goes Social | url = http://press.wetpaint.com/page/Wetpaint+Goes+Social | work = press release | publisher = Wetpaint | date = 2008-03-10 | access-date = 2008-05-11 }}
In July 2009, Wetpaint laid off 15 of their 56 employees.{{cite news | url = http://www.xconomy.com/seattle/2009/07/27/seattle-layoff-update-targeted-genetics-wetpaint-google-and-others-cut-staff/ | title = Seattle Layoff Update:Targeted Genetics, Wetpaint, Google, and Others Cut Staff | publisher = xconomy | date = 2009-08-26 }} An additional 9 employees, including co-founders Kevin Flaherty and Alex Berg, were laid off in December.{{cite news | url = http://www.techflash.com/seattle/2009/12/exclusive_wetpaint_cuts_staff_changes_focus_to_online_publishing.html | title = Exclusive: Wetpaint cuts staff, changes focus to publishing | publisher = John Cook, TechFlash | date = 2009-12-04 }} The company also decided to refocus the website on professionally created content. Both steps were taken as a result of declining online ad revenue.
During late 2009, Wetpaint re-launched its main homepage, at wetpaint.com, as the Wetpaint Entertainment platform, a set of new online TV fan destination sites, geared toward the female 18-34 demographic.[http://www.thestreet.com/story/10852711/wetpaint-launches-online-tv-fan-destination-with-coverage-of-this-falls-most-anticipated-tv-programs.html Wetpaint Launches Online TV Fan Destination With Coverage Of This Fall's Most Anticipated TV Programs] The wiki farm was renamed "Wikis by Wetpaint", and was moved to the domain wetpaintcentral.com.
In December 2010, the company announced the Wetpaint Social Distribution System.{{cite news|title=Wetpaint Entertainment Rapidly Becomes a Leading Online Entertainment News Source Due to Wetpaint's Proprietary Social Distribution System|url=http://www.prweb.com/releases/2011/12/prweb9044567.htm|archive-url=https://web.archive.org/web/20140307214248/http://www.prweb.com/releases/2011/12/prweb9044567.htm|url-status=dead|archive-date=March 7, 2014}}
In December 2012, Wetpaint was acquired by Viggle,{{cite news | url = https://online.wsj.com/article/PR-CO-20131216-907355.html | title = Viggle Acquires Wetpaint | publisher = Press Release | date = 2013-12-16 }} an entertainment rewards platform, which was shortly renamed to its former name, Function(X).
Wetpaint's wiki-hosting component was spun off completely in 2013 after being purchased by Wikifoundry.{{citation|title=Wet Paint Wiki - WikiFoundry Central|date=2013-09-01|url=http://www.wikifoundrycentral.com/thread/5139827/Wet+Paint+Wiki|access-date=2017-10-25}} Wikifoundry ceased operations in June 2021, decommissioning the original Wetpaint wiki-farm after 15 years.{{Cite web|title=WikiFoundry|url=https://www.wikifoundry.com/|access-date=2021-07-06|website=www.wikifoundry.com}}
Updates to wetpaint.com stopped in 2018, leaving the site stagnant until it finally went defunct in mid-2020.
References
{{reflist|30em}}
External links
- {{Official website|https://web.archive.org/web/20180214115902/http://www.wetpaint.com/}} (Archived)
Category:American entertainment websites
Category:Online mass media companies of the United States
Category:Mass media companies established in 2005
Category:Private equity portfolio companies
Category:Social media companies
Category:Mass media companies disestablished in 2020
Category:2005 establishments in New York City
Category:2020 disestablishments in New York (state)
Category:2012 mergers and acquisitions