WPP takes stake in early-stage mobile content platform Muzy
 announces that it has taken a stake in Muzy, Inc., an early-stage microblogging service focused on mobile content creation. Muzy has attracted over 20 million users globally and is adding more than 1 million new ... "Pin It")
First investment by WPP Ventures based in Silicon Valley
LONDON—WPP (NASDAQ:WPPGY) announces that it has taken a stake in Muzy, Inc., an early-stage microblogging service focused on mobile content creation. Muzy has attracted over 20 million users globally and is adding more than 1 million new users each month.
The investment is being made through WPP Ventures, based in Silicon Valley and run by President Tom Bedecarré. He is also Chairman of AKQA. WPP Ventures explores early-stage investments in new technology companies that offer innovative solutions to WPP clients and strengthen the capabilities of WPP.
Headquartered in San Francisco, Muzy was launched in 2011 by its cofounders, CEO Andrew Chen and CTO Matt Rubens. Like many web publishing startups, Muzy currently employs less than 10 people. Muzy will use the investment proceeds to further scale the engineering team and build out the suite of creative publishing tools for the Muzy platform. It offers more than 50 mobile publishing tools and a global network for sharing content and is a Top 100 photo app in 70+ countries.
The investment by WPP Ventures continues WPP’s strategy of strengthening the Group’s capabilities in digital media and faster growing sectors. WPP’s digital revenues were well over US$5 billion in 2012 and represented 33% of total Group revenues of US$16.5 billion. The Group is targeting 35-40% of revenues for digital in the next five years.
About WPP
WPP is the world’s largest communications services group with billings of $70.5 billion and revenues of $16.5 billion. Through its operating companies, the Group provides a comprehensive range of advertising and marketing services including advertising & media investment management; consumer insight; public relations and public affairs; branding and identity; healthcare communications; direct, digital, promotion and relationship marketing; and specialist communications. The company employs over 165,000 people (including associates) in over 3,000 offices across 110 countries. For more information, visit www.wpp.com.
WPP was named Holding Company of the Year at the 2012 Cannes Lions International Festival of Creativity for the second year running, since the award was initiated. In 2013 another leading industry competition, the One Show, recognized WPP as its Holding Company of the Year at its 40th Annual One Show Awards, the first time the One Club recognized creative excellence at the parent company level.
About MuzyMuzy (pronounced “Muse-zee”) is a new kind of blog for your creative side. Over 20 million users post, enhance, create and share photos, thoughts, drawings, animations, collages and all kinds of fun content. Muzy offers more than 50 publishing tools on Android, iOS, and web, and a global network for sharing content. Having earned 25,000+ reviews with 4.5 out of 5 stars, Muzy is a Top 100 photo app in 70+ countries. Muzy launched in 2011 and is based in San Francisco, CA. For more information, visit www.muzy.com.
