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Xtract listed as one of the hottest 100 private companies in Europe at 2008 Mediatech 100: http://www.libraryhouse.net/mediatech/2008/mediatech100/

Yesterday, the second floor of Molly Malones offered a nice and friendly environment for mobile people from all industries to connect with each others in the event organized by Mobile Monday (MoMo). The topic of the evening was Earning models in Mobile Entertainment, which is also an important question to many of our customers.

Our board member Alan Moore gave interesting insights into the big opportunity in utilizing the players with different roles in social networks. This topic is closely related to what we do here at Xtract for mobile operators and other customers.

Other speakers gave also fascinating presentations. Dr. Josef Noll from Norway spoke about privacy issues in entertainment business. He forecasted that privacy matters will be huge business in the future. Dr. Madanmohan Rao pointed out that in India, where Bollywood and cricket are the most popular forms of entertainment, the ones who will understand how to make money from mobile entertainment will earn a lot of money.

The place of yesterday’s event, Molly Malones in Helsinki, was also the place where the idea of MobileMonday was invented. The original founders of MoMo were present at the event and told about how no-one could believe at the beginning (Sep 2000) that eight years later MobileMonday events would be organized in tens of cities all over the world. It is exciting how a good concept, such as that of MobileMonday, has the power to spread all over the world, thanks to world-of-mouth and people networking with each other.

The latest Technology Review has an interesting article about social network business and how social networks still have a lot of challenges to monetize their communities. New models, but also new solutions, are needed. And a key issue is to get advertising work properly in the social media.

Technology Review summarizes the new technologies to get advertising work in social media: “Startups that help advertisers and marketers better target the users of social-networking sites are fashionable investments for venture capitalists in North America and Europe. Such startups hope to sell advertisers detailed information about individual social networkers. They include the brand-new 33Across (which we profile in our list of 10 notable startups, which begins on page 50) and the more established Finnish company Xtract, which counts Vodafone, T-Mobile, and Blyk among its customers and has begun selling its software to advertising agencies and online marketers and publishers. ”

Jason Pontin, Editor in Chief and Publisher of Technology Review, commented in the Millenium Prize event that our solution is the most complete solution he has seen for solving “the multi-billion dollar problem.” It is nice to see that we have really found a way to build solutions to monetize digital communities.