Fresco News
Breaking news & video from real people at the scenes of events. Our goals are to make global events more transparent and to empower anyone to be a reporter..
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$5.0m | Series A | ||
| Total Funding | 000k | ||
Fresco News was established in 2014 by John H. Meyer, who, at the age of 19, dropped out of New York University to launch the venture. Meyer, a self-taught app developer since high school, envisioned a platform that would empower citizen journalists. The company's primary objective was to create a marketplace for user-generated photos and videos, supplying news organizations with timely, on-the-ground content at a reduced cost. This model positioned Fresco News as a budget-friendly wire service for media outlets.
The business operated by creating a network of freelance videographers and photographers who could respond to assignments from news organizations or submit breaking news content through the Fresco News mobile application. Media partners, such as Fox News, could then license this content, with Fresco managing the verification, rights, and payment processes. For instance, Fox compensated contributors $20 for photos and $50 for videos used on air. The platform aimed to solve the logistical challenges and high costs associated with dispatching professional news crews to every event. Fresco News attracted investment from notable figures, including Ashton Kutcher, and received a $100,000 grant from the Thiel Fellowship.
Despite its early promise and partnerships with over 70 news organizations, the company faced significant operational and financial challenges. Between 2016 and 2017, Fresco News reportedly missed at least 10 payroll periods, leading to high employee turnover. A critical deal with Univision, which was expected to provide a financial lifeline, ultimately fell through in June 2017. This event precipitated the company's collapse, and on June 30, 2017, Meyer announced to the staff via Slack that the company was ceasing operations and laying off all employees.
Keywords: citizen journalism, user-generated content, news media, video marketplace, photo licensing, freelance network, news aggregation, media technology, startup failure, John H. Meyer