With a form of entrepreneurial alchemy and brash counter-intuity (entrepreneurial qualities that I love), Vessel aims to open windows of 72 hour exclusivity in a digital video world where most others (cue up Netflix) hope to close them. And, Vessel takes aim directly at YouTube and other alternative video platforms (an excellent discussion of which from Digiday can be found here), hoping that creators of compelling video content and who have amassed their own audiences come to them first with a promise of better economics (another excellent discussion of which from VideoInk can be found here).
Will Vessel succeed?
I embarked on my own exploration of that question in Vessel's private beta, and here are my overall observations after wading through the experience in my first days.
I. UI/UX
As expected, first impressions were positive as I first entered (and interacted with) the app -- and, let's face it, first impressions matter. A lot! Set-up and navigation on both my laptop and mobile were as they should be -- simple, intuitive. Once you choose a user name and password, Vessel takes you through a set-up wizard -- a collection of video tiles that represent different content "categories," "channels" and "music artists." You click on those that matter to you -- and that informs Vessel's individualized "vessel" for you. For the most part, I liked the channels that Vessel laid out for me -- as if my own personal butler laid out my clothes for the day (although I found the particular video featured in the main pane to be an odd choice ... begging the question of whether it may be better to feature several videos that are potentially "meaningful" to me rather than take the lower probability route of just choosing one).
Next, the overall UI was clean and "pretty" -- very pretty. No clutter here, which is important. And, the overall user experience (UX) is strong, impressive (a respected press insider dubbed it "amazingly creative" in our own private conversation). Simplicity rules the day (which is ideal for this mobile-focused experience). The core features are all those you would expect -- none that you won't (NOTE: sharing is "disabled" during this private beta; in this regard, it will be interesting to see how share-able exclusive content is from one paying subscriber to non-payers who have yet joined Vessel's journey). The overall mobile nav -- including swiping back and forth between the main menu and the video screen itself -- is remarkably aero-dynamic and downright addictive. That bodes well for user engagement.
Next, Vessel's much-heralded new advertising forms are intriguing. 5-second pre-roll ads flutter by -- unobtrusively and ephemerally (a word?) -- and feel more like 2 seconds that have real visceral impact. Much more compelling and meaningful than "dumbed-down" 30 second ads that are skip-able after 5 seconds (and lose virtually all of their meaning as a result). And then there are the newly minted "motion posters" that float on in Modest Mouse-ian fashion (music lovers will "get" that reference) as you scroll through your videos. Clever. Very. Remember one thing, however, you see these ads even if you become a paid subscriber. Just like at Kilar's former home of Hulu, you pay for early access and content exclusivity -- not for an ad-free experience. Important to know.
All of this worked flawlessly. Downright snappily (another word?) -- even (even in my broadband-challenged home environment).
But, although critical, a compelling beautiful UX is not enough. Other pretty faces exist in the increasingly cut-throat competitive digital-first video world. That requisite beauty and elegance (which Vessel has in spades) must be backed up by substance, depth.
II. CONTENT
And "depth" in this context means a depth of compelling video content. This is especially true here where Vessel's business model and overall differentiation (and value proposition to creators) are tied to exclusivity. (Here again is an excellent deep discussion of Vessel's overall business and pricing model -- which I won't repeat here).
So, is there enough here to justify paying $2.99 per month (especially when much of the content is available elsewhere for free)?
As a threshold matter, no matter what, that will be challenging to many millennials who are dependent upon their parents' credit cards.
But, for others who have a real ability to pay (and there are many of us, even non-millennials like me), Vessel is banking on two things: (1) exclusivity of course (for that 72 hour window); and (2) convenience -- i.e., curation/consolidation/navigation of the video creators/sources/channels you want -- all in one place. Once again, hence the name "Vessel."
To even get to question (2) above, exclusivity is at the crux of Vessel's success or failure. For Vessel to succeed, it must become THE first mobile "home" for must-see premium short-form video content to you (and a critical mass of others) -- much like Netflix is THE home to you for "House of Cards" and "Orange is the New Black," or Amazon with "Transparent," or Showtime with "Homeland," or FX with "Fargo," or HBO with "Game of Thrones," or .... well, you get the point. You need to build it for people to come. Is Vessel there yet with content you can't get anywhere else for a limited period of time? I don't know enough quite yet to make that judgement.
BUT, the fundamental difference for Vessel, as compared to all of those others, is that Vessel's form of exclusivity is transient. So, while its $2.99 monthly subscription fee is a fraction of those of the others (making it almost invisible to your pocket book, in a very Pandora-like way), it remains to be seen whether significant numbers will feel the need for speed -- i.e., 72 hours of early access (rather than much more permanent exclusivity). At least in part, you need hard-core, rabid fans of particular content or personalities to accomplish that mission.
The good thing for Vessel is that in our increasingly niche, verticalized mobile and millennial audience-driven world, rabid fans come in rich supply. So long as the content is compelling, personality-driven and "authentic" (THE key word in the millennial lexicon), you have a shot. And, Vessel's $75 million doesn't hurt. In fact, it was that money that helped Vessel land tent-pole audience-attracting talent like musical comedy duo Rhett & Link (for a reported $500,000) and bleeding-edge content from major multi-channel networks (one deal alone is reported to be $3 million). The company's panache also led to its ability to assemble a "dream team" of advertising partners that impress even industry insiders.
Vessel has set sail with the necessary ingredients -- and then some. It is a luxury liner for sure. And, its early disembarkation is impressive.
Lots of icebergs out there, though.
But isn't that what being innovative and entrepreneurial is all about? After all, there were plenty of nay-sayers when Hulu first launched -- and look at it now.
So, FULL STEAM AHEAD!
[AND CUT my rambling and loquacious nautical imagery ...]