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The project from Comcast, Time Warner and four other cable operators that will ostensibly allow advertisers to target specific areas of the country, specific neighborhoods - even specific homes - is progressing well, said Comcast COO Steve Burke at an investor event.
The initiative, called Project Canoe, proved that it could deliver content simultaneously to homes covered by the six operators, and collect data within a 24-hour period, with an experiment called Elections ‘08 On Demand. The VOD offering included infomercials from candidates and other political videos. Other similar initiatives will launch next year.
The project does not yet allow for micro-targeting of homes; such a level of functionality is still several years away.
The need for Project Canoe can be illustrated by the fact that automakers have reduced their cable budgets and put money into online, Burke said. Automakers run national ads to drive demand, then advertise online to reach specific groups. Project Canoe can combine reach and targeting by allowing advertisers to reach up to 54 million homes, while targeting specific creative to certain demographic areas or even specific neighborhoods, writes MediaPost. Such internet-like functionality could encourage automakers to put dollars back into cable, and could rejuvenate the cable ad business as a whole.
Project Canoe is headed up by Canoe Ventures and funded by six cable operators including Time Warner Cable and Comcast. It reaches 54 million homes collectively and is led by CEO David Verklin, former head of Carat. It also has a COO and 10 other employees.
The spot cable biz generates about $5 billion annually. Burke says Canoe could help double that figure over time.
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