The former President of BuzzFeed announced the launch of his new venture Cheddar, backed by $3m in funding. Cheddar is a video platform that seeks to create short-form digital content using CNBC-style trading-floor reporting.
Cheddar will stream one to two hours of live content every day, primarily from the New York Stock Exchange trading floor. It will chop up pieces of the videos and distribute them across the web on platforms like YouTube. The live shows will focus on tech and consumer stocks such as Google, Facebook and Chipotle — just like CNBC does, where Steinberg is a frequent contributor. The startup won't focus on traditional pre- and post-roll advertising dollars either, because as Steinberg points out, consumers don't like video interruptions. Instead, Cheddar wants its main source of revenue to be distribution deals with streaming services like Netflix and Comcast's Watchable.