Nokia buys Tango and Loudeye

Nokia, in a move to enter the social networking market, bought the file sharing site Twango founded by two former Microsoft execs. The deal is rumored to be around $100 million. Nokia is also buying Loudeye , a mobile music service, for $60 million.

Chesspark : Chess+social networking gets angel investment


Chess is not like life… it has rules!

Chess players might be a logical bunch, but they are not a loyal bunch. There are many sites to play chess online - Infinaina Chess, Chess Rally, ChessBase, chess corner, and several others and it is not uncommon to encounter the same people at different sites. One of the reasons for the proliferation of these sites has been that the chess playing experience offered by most of them has not been as robust and satisfying as one would like. site has been in beta testing for more than a year now and has been able to create a strong base of players who have found the platform to be attractive. One can play the game online or through a client, which looks very much like a widget. They currently have about 100,000 users signed up.

The rule of the thumb is that the 1 to 2% of the current users will convert to a paying, subscription based service. It is possible that the conversion rate is much higher in the chess player community, but even if it goes up to 3-4%, and the rate of user base expansion continue at the same level, that gives us about 300k users in about a year, and ball park revenue (on the higher side) to be 600k-1M/year.

ChessPark is chess playing and social networking, together. It was created by Open Source software veterans using the Jabber Instant Messaging platform as a framework.

Chesspark wants to add some cool features to the site and just completed an investment round with angel investor Jon Callaghan of True Ventures, Burnt Norton, Inc. and Eaglebrook School. This round brings the total amount raised to $1 million which will use to fund the completion of its public beta test in anticipation of their full-featured product launch in Q3 of this year.

But as they say: “Good positions don’t win games, good moves do.” - Gerald Abrahams.



Record breaking sales for Harry Potter and the Deathly Hallows

First day sales for “Harry Potter and the Deathly Hallows” hit 8.3 million copies. It is amazing that so many people have the will, not to mention time, to read the 759 page tome! Deathly Hallows sales join the 325 million copies of all Harry Potter books sold worldwide.

Amazon’s sales jump 35%

From WSJ: Amazon’s profit more than tripled to $78 million as the Internet retailer logged strong growth across product lines and kept expenses in check. Quarterly revenue jumped 35% to $2.89 billion, including 27% growth in its core business selling books, movies and music. The company forecast sales will rise between 30% and 38% in the current quarter.

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