MegaMedia Networks, Inc. was an immensely popular streaming video platform whose main site, MegaChannels.com, reached a top site ranking by traffic for males 18-34 in 2000, according to Neilsen Ratings, and was the number #1 media portal serving over 800K+ visitors a day only four months into the network’s launch.
MegaChannels drew some top talent as it grew. David Gust, former V.P. of Hard Rock Cafe International. Inc., and Paul Turcotte, former V.P. of Yahoo! Internet Life and the creator of the Yahoo! Internet Life Online Film Festival, were tapped to head netcaster Megachannels.com Inc, and the company continued to gain market share with Gust as CEO and Turcotte as President.
Although it was the first the web property to host Time Warner, Miramax, Sony, and various film/music libraries, MegaChannels became a casualty of the “Internet bubble-burst” in 2000, when display advertising revenue slumped from record highs, but not before creating and proving the viability of online streaming broadcast as a business. The company’s public offering plans were disrupted by the mid-2000 implosion, and Mobley took it private, where he still controls the key software assets.