ValueVision and wine.com Success In Premier TV-Internet Event
Added: (Fri Dec 03 1999)
Pressbox (Press Release) -
ValueVision and wine.com Announce Record Success In Premier TV-Internet Event
MINNEAPOLIS, Dec. 3 / -- ValueVision International Inc. (Nasdaq: VVTV - news) and wine.com today announced plans for a series of new shows during the year 2000 following last night's record success during a two-hour, prime time premier simulcast in which live TV programming was converged with Internet technology in the sale of wines.
ValueVision, a leading national shopping network, and wine.com, the award- winning global wine portal, combined for an industry 'first' -- providing wine education, entertainment, and shopping in a program featuring actress Susan Anton, internationally-acclaimed Master Sommelier and Internet Pioneer Peter Granoff, the world-renowned Robert Mondavi, and other notables from the world of fine wines. Bill Newlands, CEO of wine.com, said, "This was an absolute record volume day for us. We believe that the long-form TV format of the wine.com show could ultimately prove to be more effective than standard television commercials for both the branding of our name and drawing new customers. In addition to being a strong advertising and sales model for us, the customer base should continue to grow as audiences discover they can be entertained as well as educated about wines while simultaneously making purchases."
Cary Deacon, President of ValueVision Interactive, said, "This e-commerce marriage of television with the Internet unequivocally demonstrates vast potential not only for transactions, but also for branding and customer acquisition for almost any product marketed today by web sites. Furthermore, we are not limiting our plans to a series of wine shows, but we will be announcing and seeking partners for comparable events featuring many other products and many other Internet sites. Overall, the wine.com show exceeded our expectations, and we are confident that this type of programming is the marketing and entertainment wave of the future."
Peter Granoff, Master Sommelier and the Internet creator of wine.com, formerly VirtualVineyard.com, said, "We knew the concept would be successful, but we never dreamed the scope it would reach. The sales results were certainly gratifying, but I never imagined a home shopping event could generate so much excitement and, at the same time, be so much fun."
While not releasing sales numbers at this time, Deacon and Newlands both stated that the positive responses to the show were so encouraging that the companies decided to jointly produce more programs during the coming year.
About ValueVision International
ValueVision International, Inc. owns and operates the third largest and fastest growing home shopping network and a companion Internet shopping website, both which are being re-branded as SnapTV and SnapTV.com, respectively, as part of a wide-ranging direct e-commerce strategy the Company is pursuing with NBC Internet (NBCi). The moves are expected to position SnapTV and NBCi as the leaders in the ongoing convergence of television and the Internet, combining the promotional and selling power of television with the purely digital world of e-commerce. ValueVision, which is approximately 40% owned by GE Equity and NBC, offers live programming 24 hours a day, 7 days a week. As of October 31, 1999, approximately 31 million homes are able to receive the Company's programming on either a full- or part-time basis. NBCi is a new entity recently formed as a result of the merger of Snap.com, XOOM.com, and several Internet assets of NBC. For additional information on ValueVision, please visit the Company's web site at http://www.vvtv.com.
ValueVision Interactive is a wholly owned e-commerce subsidiary of ValueVision. Founded in mid-1999, the subsidiary's purpose is to manage and develop the Company's Internet e-commerce initiatives using the SnapTV.com brand, as well as manage the Company's e-commerce investment strategies and portfolio.
Founded in 1994, wine.com, formerly VirtualVineyard.com, was the first wine merchant on the Web and a pioneer in electronic commerce. The company's new portal site, www.wine.com, offers an ever-growing selection of domestic and international wines and wine-related gifts and accessories to customers worldwide. The company makes wine buying easy and fun with detailed wine information, its proprietary wine tasting chart and expert advice from its professional wine team led by two master sommeliers. Each wine offered on the site is tasted and selected by wine.com's team of wine experts and is 100% guaranteed. The Winery Shops@wine.com, which was recently launched, features exclusive wines from such leading wine brands as Niebaum Coppola, Kendall Jackson and Domaine Chandon. Wine.com is able to ship wine through a legally compliant network of wholesalers and retailers to over 90% of the United States, as well as Asia and Europe. wine.com is privately held with offices in Napa and Palo Alto, California.
(Note: The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward-looking statements. Certain information included in this news release contains statements that are forward-looking such as statements relating to increased revenue and cable home distribution, the Company's future profitability, entrance into e-commerce, the launching of the Company's Internet initiative, SnapTV.com, the timing of the SnapTV rebranding, and the continuing success in developing new strategic alliances (including the GE Equity and NBC alliance). There are certain important factors, such as consumer spending and debt levels, interest rates, competitive pressure on sales and pricing and the maintenance of distribution of the Company's programming that could cause results to differ materially from those forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including the possibility that revenues and cable distribution will not continually increase, that gross profit margins will decrease, that e-commerce and the Company's rebranding to SnapTV will not be successful and other strategic alliances (including the GE Equity and NBC alliance) may not result in increased revenues, earnings or subscribers and that shareholders or regulators will not approve the proposed NBCi merger. For more information on the potential factors that could affect the Company's financial results, investors should refer to the Company's recent filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.)