Facebook is going public. Pinterest is gaining a lot of traction too, with Tokyo-based Rakuten Inc. pledging an investment of $100 million with the site. Is it the era of social media? Canadian startup Punchcast sincerely hopes so.
Punchcast is a social media platform (see Bitrix24.com review) that aims to bridge the gap between Facebook and YouTube. At Facebook, relationships are founded upon people you know offline while YouTube and Twitter, according to Punchcast, are “overloaded beyond the point of practicality.” Statistics estimate that 60 hours of video is uploaded into YouTube every minute, which equates to about a century in just a matter of 10 days, practically an avalanche of information if not effectively sorted through.
The idea of launching Punchcast was conceived when CEO and founder Conor Lynch could not find connections on Facebook with whom he could potentially share his interest in English literature and Roman history. Punchcast aims to create a space for anybody from whatever background, whatever walk of life where he can share just about anything out there and get validation from people with the same interests.
Punchcast uses information filtering algorithms to connect like-minded users. Since January, the site has accumulated 3,500 users by targeting niche groups like BMX bike enthusiasts. If the company becomes successful, one can only imagine the groups of people that will benefit from Punchcast’s effective filtering methodology.