Complex CEO Rich Antoniello describes how the company survived the Go90 debacle.
Complex Networks benefited from Verizon's big bet on digital video when it gave the company an estimated $150 million to make series for mobile video service Go90.But Complex was able to find its footing because it already had an established video audience, it got to keep the Go90 shows, and its series are evergreen and have a long shelf life.Verizon and Hearst had just teamed up to buy the sneaker- and hip hop culture-focused media company.
"We had to be beholden to ourselves faster than we had originally planned. Trying to replace a great deal of capital is hard because we're going to have to do it from multiple outlets. It probably added an extra 12 to 18 to 24 months to some of the longer-term, larger scale goals." Complex got ownership of the shows it made for Go90. The money enabled Complex to do more upscale series than the kinds of shows it was known for, like"Hot Ones," where host Sean Evans gets celebrities to eat progressively hotter chicken wings.
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