SmartFrame Technologies has entered administration.
Founded in 2015, SmartFrame had developed a patented image-streaming technology that aimed to change how images are published, protected and monetised online.
Rather than relying on the traditional downloadable image file, which can be easily copied, stolen and scraped, SmartFrame streamed images directly to audiences around the world. This allowed content owners to retain full control of their intellectual property, see exactly where their images appear, and unlock new revenue from content they are already producing.
Its platform connected three groups: the content owners who supply imagery, the publishers who embed it, and the advertisers who fund it.
The London firm, which starred in fourth spot on our MediaTech 50 ranking earlier this year, was used by Premier League clubs Manchester City FC, Everton FC and Brentford FC, along with New Zealand Rugby, Six Nations Rugby and the International Ski and Snowboard Federation, plus leading photo agencies such as action press international, Sipa Press, Mirrorpix, IMAGO and ZUMA Press.
Publishers using SmartFrame include Reach, The Independent, the Mirror, The Scotsman, HuffPost, National World and Planet Sport.
Previous advertisers running in-image campaigns include Volkswagen, Samsung, Sony, Puma, Toyota, EA Sports, Etihad, Revolut, IHG and the Royal Air Force, many of them returning for repeat campaigns.
However it failed to secure further funding and appointed Henry Page and Shaun Walker of Mercer and Hole as administrators on 26th August.
The business has total assets of £2.3 million, cash at bank of £182k, net assets of £613k – but total liabilities of £1.7m.
It marks the second time co-founder and CEO Rob Sewell has suffered this fate. In 2014 his mobile membership business My Phone Club closed down after “one of our main backers let us down terribly”, as he later wrote.
When my first business fell apart it was so hard – but so valuable
Writing on LinkedIn recently, he said: “It’s with a heavy heart that I write this message. After many years of hard graft, sadly, SmartFrame Technologies was put into administration on 26th August.
“SmartFrame had all the hallmarks of a global disruptor and was seeking to restore industry value to the photography market.
“We were building a three-sided marketplace of image owners, publishers and advertisers to create a new image economy using our image-streaming technology and ad-funded model.
“Whilst we achieved an enormous amount: 30 image agencies and 10 major sports franchises signed up to the model, with a network of accredited photographers shooting for us around the world. We had over 58m images on www.smartframe.com, with hundreds of thousands of new images being uploaded every month.
“We grew to over 400 publishers including National Press utilising our platform to source their images and delivered high-impact ad campaigns for some of the world’s leading brands.
“Unfortunately we didn’t get to the network scale required to become self-sustaining in time and were unable to secure the further funding required to do so.
“I’d like to thank all of our investors, team members and commercial partners who supported us and believed in our vision, and I am truly sorry for those of you who SmartFrame were unable to pay at the end.”
Jennifer Clements, former global publishing director, wrote: “It’s obviously not how any of us wanted things to end, but I’m incredibly grateful for the experience, the challenges, and most importantly, the brilliant people I’ve had the chance to work with along the way.”