The last 3 months have certainly been very interesting! Covid 19 swept the world and trapped alot of our photographers at home. We were originally going to calm things down on the development front. But, we decided to go all in and heavily invest in 3 key areas:
- raising VC finance. To really make this platform the multi billion dollar platform it can be, we need a huge financial push. If we don’t do this, at best we’ll likely end up as a multi million pound platform, which isn’t where i want it to be. So, we set an initial capital raise target of £250k and had a pitchdeck created. This level of funding would drive paid subscriber accounts upto 10,000 within 12 months, netting us just shy of £800k per annum. This has already been disseminated to various groups and we’re in very early talks with 3 investors, each one keen to put the whole lump sum in for between 12 and 20%
- We’ve stopped all developments on new features and decided to take a new route. We have been through the platform thoroughly and with several of our dedicated users to determine bugs and usability issues. Every bug and every usability issue will reduce the numbers of users the platform sustains and will increase churn leading to slower revenue increases. So, from last month, until it is completed, usability and bugs is all we’ll be addressing with particular initial bias towards product sales for our users. As an example we have reduced the marketplace loading time from 33 seconds to sub 5 seconds, user shops from 27 seconds to sub 5 seconds, as well as the image pages from 13 seconds to sub 3 seconds. We are already seeing positive movements in our key statistics confirming that this is the right path to take
- SEO work. Unfortunately it is clear that the vast majority of our users are not aware of how to SEO their imagery for sales. We have signed a one year contract with one of the countries top SEO companies to work on driving significantly increased organic traffic to the platform. Users will start seeing the physical changes to the platform to accommodate this over the next few months
In conclusion, we’re not sitting in our laurels with Covid, and we will continue to drive the platform forwarc and maintain our significant growth.
My deep thanks goes to those users who have stuck with us, and particularly those who have contributed to the recent and ongoing surveys
CEO and Founder