HT Media’s Internet subsidiary, Firefly eVentures has acquired social networking site Desimartini.
“The new, wholly owned Internet subsidiary of HT Media Ltd, Ltd has acquired social networking site Desimartini.com in an attempt to enter one of the fastest growing segments in the Indian Internet space. Terms were not being disclosed, though HT Media said it was for less than $10 million (Rs 39.3 crore).” [source]
For those who say me-too s are bad and one should build good products, Desimartini is a perfect case study! – It was a me-too with no differentiation at all.
The good thing about me-too product is that you won’t have a hard time selling the concept – you just point your investors/potential acquirers to the original one (e.g. facebook+myspace in desimartini’s case) and say “we are doing exactly the same”!!
Is it that few players with deep pockets (and have got no idea of Internet products) somehow wants a quick entry ? Maybe yes, and maybe that’s why we have too many me-too products.
What’s your take? I feel sorry for HT guys.