Ten years ago, sharing photographs and videos meant snail-mailing content to family and friends. Now, sharing photographs and videos are a digital activity, with online sharing sites and smart phones applications like Instagram, Path, and PicPlz being quickly integrated into daily social media regimens.
Enter Color: the latest mobile photo application drawing mixed reviews about the application. Prior to Color’s launch, Sequoia Capital, considered “one of the highest caliber venture firms” by Wall Street Journal, invested $25 million, Bain Capital invested $9 million, and Silicon Valley Bank provided $7 million in venture debt, presenting Color with an accumulative $41 million in funding. Since its launch, the application has received 2/5 stars based on over 600 reviews on the iTunes App Store. Commentary has noted the application’s function as a stalking mechanism, others have expressed that the user interface is not very intuitive, and the most reoccurring question I’ve encountered is, “is Color worth $41 million?”
Despite this feedback, Color attracted adoption and positive reactions from technology elites, including Tristan Walker of FourSquare, Joshua Williams of Gowalla, and David Heinemeier Hansson of Ruby on Rails. Within a week of its public debut, Color is ranked second in number of downloads for social network applications, just behind Facebook. After having the opportunity to use this application over the past few days, I have come to two conclusions: 1.) I am shamelessly addicted and 2.) It is indeed an important product that has high business potential.