Strands Blog

Today we are happy to announce the launch of moneyStrands, a personal money management solution, as well as the acquisition of Expensr, a leading online personal finance application.

This marks the first step towards Strands’ vision of applying its personalization technologies to new areas. Following with our mission of helping people discover new online content, services and products, we are now extending our social recommendation technology to help people find the best ways to save money and invest.

What is moneyStrands?
Currently in private beta testing, moneyStrands is an online money management solution that allows users to aggregate their online financial information in one place, providing them with an instant snapshot of all their finances. With moneyStrands, users can anonymously compare themselves to others with similar traits, such as demographics.

Key features of moneyStrands:

1.- Powered by Strands’ social recommendation technology, moneyStrands provides users with the best personalized recommendations possible, helping them find new ways to save money and invest.

2.- Tailored versions for Blackberry, iPhone and Nokia (S60) browsers, so that the service can be used on mobile devices just as easily as it can be used on computers.

3.- A powerful widget platform, enables maximum customization with minimum set-up time.

In order to ensure industry best practices are followed, moneyStrands benefits from Strands’ ties with BBVA, one of the world’s largest financial institutions. BBVA, a strategic investor in Strands ($24M invested in December 2007), is a financial services group with more than $783 billion in total assets, 42 million customers in 40 countries and a market capitalization of approximately $85 billion.

Expensr acquisition
Founded in 2006 by Reman Child and Shawn Gupta, Expensr is a free online application that takes an innovative approach to personal finance, combining social networking with financial management.

In addition to giving users the ability to manage all of their accounts in one place, Expensr provides analysis tools that let users categorize their spending and track changes over time; as well as budgeting tools to help users plan for future expenses. Users can also compare their spending habits with relevant sub-groups (e.g. students) within the Expensr community to see how their expenses match with their peers.

In September 2007 Expensr was presented on the cover of Business 2.0 magazine’s “Top 10 Disruptors”.

Part of Strands’ vision is to help people to improve their online lives by discovering relevant new content, services and products based on their tastes and empowering them to manage all of this in one place. Strands is currently building technologies to make this vision a reality and will have additional announcements in the coming months.

For those of you who are mobile enthusiasts and also Last.fm users, we have good news!

We have just released version 3.1  Strands Social Player (powered by Strands Social Recommender) which allows you to scrobble tracks to Last.fm as you play music on your Symbian S60 3rd Edition and J2ME (optimized for Nokia S40) devices (download for S60 devices here and for S40 devices here). Recently listened tracks on your mobile device will now be available on your Last.fm profile.

The Strands Social Player, Nokia’s Mobile Rules! 2008 winning application, is a music player for mobile devices that lets you discover new music, connect with people, and share your tastes with friends. Version 3.1 works with Nokia S60 3rd edition or S40 devices (optimized for most recent Nokia S40 devices), which brings the Strands Social Player not only to 10s of millions of smart phones but to the true mass market of 100s of millions of Java devices.

Powered by Strands’ Recommender, Strands Social Player provides artist and song recommendations from over 6 million songs, automatically shows cover art and fully integrates with a social network of music enthusiasts.

The “Who’s Listening” feature lets you discover like-minded people who are listening to the same songs you are playing. You can send messages, see the listening histories of your friends, and keep an ear on what’s hot.

Also, the new version comes with a completely overhauled UI.

Earlier versions of the MyStrands Social Player have won Nokia’s Mobile Rules 2008! Award as the Best Multimedia Application and have received great reviews by many users.

If you are a music / ring tone service provider and looking for a new distribution channel, Social Player might be your new web & mobile community business generator. Get in touch with us!

We’d love to hear your feedback!

You know us as MyStrands, OpenStrands, MusicStrands and several other “strands”. Today we are doing what we believe is the next logical step for our organization: Rebranding Strands.

The word “strands” has a particular meaning for us: it represents the sequences of digital events that connect our lives. Strands’ mission is to help people discover new things. We do this by analyzing and understanding people’s tastes based on strands of sequences (links between digital items such as the songs found in a playlist, events in an activity stream or transactional data such as monthly purchases).

As we launch new services and expand our current offering, understanding taste strands will help us achieve our mission. It’s what powers our organization and is why we will now be known as Strands.

(By Dr. Rick Hangartner, MyStrands Chief Scientist. Guest column published in ReadWriteWeb)

Fifteen years or so into the evolution of the web, we already have many of the key ideas and technologies in place to start describing and sharing personal preference information — or what we might colloquially call “taste” — in order to personalize web experiences.

So, why haven’t we seen widespread adoption of web personalization? Much of the answer seems to lie in the fact that user expectations and online business models haven’t yet evolved to the point that user-controlled, ‘open taste’ sharing is a viable option.

However, the dataportability.org initiative suggests we may have reached a turning point. The DataPortability project taps into the strong conviction engendered by the do-it-yourself nature of the web 2.0 movement that individuals should “have control over their data by determining how they can use it and who can use it”. This extends to an inherent belief that that it has not been a lack of effective technology that has held back this new culture of open data sharing, but rather, business models that have been over-reliant on laying a proprietary claim to some portion of that data.

Taste sharing is a DataPortability use case
We express our online tastes anytime we make a choice between the various alternatives available to us. Some of our choices may be characterized by the number of times we select each option, for example the number of songs of each genre we play when we select music, when repeatedly confronted with the same choice. Other choices may be expressed subjectively, such as by assigning one to five stars to movies we watch when we are asked to rate our preferences for the different alternatives. In yet other cases, we may in effect be giving estimates for the number of times we would expect to select each alternative, such as when we are asked if we are likely to buy a product or vote for something. Virtually any online experience we have includes one or more instances in which we make conscious choices reflecting our preferences.

For the more theoretically inclined amongst us, we can view a choice as somewhat analogous to a random experiment and our relative preferences as measures of the different possible outcomes of the experiment. The collection of such experiments that we participate in as a matter of course in our web experiences paints a vivid picture of our taste. For the more pragmatic, each time we make choices, we generate data which empirically describes our preferences. This is data that can be encapsulated and shared just like any other picture, blog post, video, or other piece of online content that we create, and which the DataPortability is focused on.

Just a few ideas for open taste sharing
As a DataPortability use case, open taste sharing embodies and embraces the culture shift that the Web 2.0 movement represents. With regard to data ownership, the DataPortability concept has even more succinct expression: our tastes should be ours to share – or not. This puts the user in control of their online experience, so they can set the boundaries of how much they want to share, and with whom. Similarly, there is no need to invent new or proprietary technologies to simply identify, encapsulate, and share taste-related data. A little thought by websites about how to identify and summarize our relative preferences on their site, along with OpenID, OAuth, and a little task-specific XML for markup is enough to do the job. Clearly this kind of data sharing also raises new privacy concerns that will be part of the work-in-progress for the entire DataPortability project.

Perhaps the most interesting challenge lies in educating businesses to thoroughly and thoughtfully examine their current ideas about user data, so they can better understand and enthusiastically embrace The Web 2.0 Golden Rule: “Do for other web experiences providers as they would do for you — under our control as the owners of our taste data — and the blessings of networks effects for taste data shall be yours.

Centernetworks reports that San Francisco-based Loomia has closed a $5M Series A round of funding today to accelerate Loomia’s rapid growth, including continuing the build-out of its world-class recommendations platform and expanding its sales and marketing efforts in the U.S. and internationally. Read Loomia’s press release here.

The round was led by venture capital firm, Asset Management Company, and two strategic investors: Peacock Equity, the joint venture between GE and NBC Universal, and Telefónica Capital S.A.U.

Other players in the same market include Aggregate Knowledge ($25M raised), ChoiceStream ($13.1M in Series B), Criteo (€10M), recently acquired CleverSet (sold for $10M) and of course Strands ($55M raised).

Two of the key trends for 2008, Open Data and Personalization, are rarely considered together, but we have always thought they were strongly related. So when we were asked to talk at Startupalooza (a really cool Portland tech event, put together by Todd Kenefsky and the Legion of Tech) we decided this should be the topic of our talk: taste sharing for web personalization… something which is of extreme importance for MyStrands and the entire recommender industry.

We will write about it more over the next few days but we wanted to share the slides with you first.

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Rick Hangartner, Chief Scientist, MyStrands