As written in our last report, we certainly haven’t been sitting on our laurels. Over the last couple of months we have spent circa £40,000 on speed improvements, website usability and bug fixes. We still have alot more to go but are exceptionally pleased with the results so far:
As you can see from the video above, our platform absolutely exploded towards the end of August. Sign ups jumped from an average of 40 per day to over 800 a day as of 05/10/20. Revenue also jumped proportionately and enabled us to increase the payments per view, as I have always alluded would happen when the platform grew. It is nice to see this borne out in practice, as I am sure many never believed this would happen.
Unfortunately with all of these new signups, big platform problems started rearing their ugly heads, not least, the use of the platform by people who either pirated other peoples images as their own, or, worse still, took royalty free images from sites like Unsplash and Pixabay and then uploaded them in their thousands to our platform. This, is absolutely against our rules and is clearly shown on the upload page to anyone that visits it. Unfortunately we couldn’t realistically control this without spending an inordinate amount of funds to do so. It was established that 99% of these uploads were on free accounts, so the decision was taken to limit free accounts significantly on the basis that it was unlikely to impede our growth or revenue:
Since we have brought in these new rules, piracy has dropped significantly, but is still present. We are working on ways of fixing this without removing the last vestiges of the free accounts. Time will tell whether we succeed or not.
As for the near future, we plan on capitalising on this growth and are looking to raise £2.5m to significantly raise the company profile. We are also bringing in card payments for those of you who don’t like connecting paypal to a bank account permanently. We believe this is some 30% of the platform and signups who are currently unable to upgrade. Once this is complete, our last survey showed that users wanted us to spend more time on bugs, followed by automated product creation systems, so this is likely to be our next course of action over the next 6 months or so
CEO & Founder