Evaluation

Market focus and Business Model

Annoto's self stated market focus is vast and includes educational institutions, as well as large businesses. With an english language user interface, Annoto currently focuses on Anglophone markets only. Annoto's business model consists of a relatively small team providing services directly to the customer. The product is marketed at educational summits and business-related conferences directly to their targetted purchasing authorities or in-company influencers. Currently, Annoto is building reputation within these education networks and works with many post-secondary institutions and some other video-heavy businesses.

SWOT Analysis

Strengths

Uniqueness: the product offers something unique to the world of Education.

Wide reach: Annoto's market focus is large. In education, videos are used across most grade levels. The product can also be used in other areas where videos are being produced or displayed.

Opportunities

Few true competitors: Annoto seems to be unique in offering video engagement as a widget that can be globally launched accross a whole website or LMS. Other products mainly focus on the video creation and editing process to create engagement.

Staff time saver: The product can also be implemented as a cost saving measure for big institutions who could save resources and staff time by using Annoto to create and customize activities around video content. And the tool can be implemented easily and globally into their LMS.

Weaknesses

Cost: As a buying manager, the cost of this service would be prohibitive, especially since there are products that advertise engaging videos and UX designers can encourage similar forms of interaction in others ways (e.g. embedding a chat next to a video on the LMS).

Threats

Language interface: Currently, Annoto is only offered with English user interface. This limits their market to English speaking markets.

Market Analysis

Globally, online video platforms are growing at an incredible rate. A recent study conducted by SkyQuest Technology showed that global online video platforms drive over 80% of total internet traffic (Yahoo Finance, 2022). Researchers attribute this to the growing globalization of high speed internet connectivity. According to the report, in 2021, the online video platforms market was valued at USD 7.01 billion and it is anticipated to grow to USD 22.14 billion by 2028, at a Compound annual growth rate (CAGR) of 17.85 % over the forecast period 2022–2028 (Yahoo Finance, 2022).

More specifically, interactive video sofwares are also proving to be a growing market. According to Indistry Research's Global Report on “Interactive Video Software Market”, the market for Interactive video software is anticipated to rise at a considerable rate during the forecast period, between 2022 and 2029 (The Digital Journal, 2022). As of 2021, the market has shown consistent steady growth.

Market competition

There are many different tools on the market that propose to create more engaging videos either as authoring tools or rather platforms that are focussed on video interactivity. Some are quite similar, while some offer a unique approach. How does Annoto hold up to these competitors?

H5P Interactive video

Using H5P's interactive video authoring tool, you can create videos with pop-up text and quiz-type questions, as well as other types of interactions to their videos using only H5P's web portal.

CLAS

The Collaborative Lecture Annotation System (CLAS) is a web-based video annotation tool that allows students and teachers to jointly annotate videos and other medias (documents, podcasts, etc).

Panopto

Panopto is an LMS platform dedicated to interactive video content. Creators can make and upload their videos with interactive elements. Panopto is meant to run separate from the LMS and house all of the user's videos.

Adobe Captivate

Adobe Captivate is a powerful video authoring tool where users can add interactive elements such as hotspots and knowledge checks within the video.

Market viability

Does Annoto have an edge in this market full of interactive video platforms? Yes!

Many of the comparable products are actually authoring tools and would require a completely different approach that focuses on authoring new videos rather than globally 'retrofitting' videos for engagement and interactivity. Annoto instead applies a widget to each video all at once through direct website integration. Similarly, other tools prioritize interaction between the user and the video (i.e. clickable ads or popup text bubbles etc), whereas Annoto prioritizes user-to-user interaction. It is clear that Annoto offers a unique approach to engaging videos.

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