Passes uses fan spending data to shape new products

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

1. 12:00

   Traditional agencies offer. What is your end goal? Is your end goal to be one of these very large agencies? What does the billion-dollar passes look like to you? I mean, I think the billion-dollar passes is that, well, to be quite, like, if we're being very blunt, like, I think we will reach, like, a billion dollars doing nothing more except getting new creators. But obviously, like, we have bigger ambitions than that, right?

2. 12:25

   so for us it's like how do we create generational wealth for these creators like the most common question i get asked is how do i turn passes income into passes equity which is very interesting because we have created a lot of accredited investors a lot of creators are making six figures a month so you can imagine there's some pretty interesting things we can do there in terms like fintech products but then also we have more monetization data than like really any other platform like from other platforms you can see like how many likes someone's getting how many comments etc but you don't really see the like conversion rate in terms of like who is willing to buy something based off of your posts versus we get direct conversion of um creators like fans on instagram two passes um we can see like what percentage converts we can see like their spending

3. 13:09

   power like um do these creators have fans that are willing to spend like 500 a month or is it closer to 20 a month or is it closer to 5 000 a month like some creators um their most popular subscription tier is actually their most expensive subscription tier which is like 500 a month um versus like other creators you know like most of their fans are just paying five dollars a month um but like this becomes like very interesting data we can see what they're buying what they're interested in um and really figure out a product that makes sense that they can sell to their fans let's get into that because i remember when we were talking about it you said that you guys aggregate the most amount of data for your creators. So what exactly does passes look like under the hood? What are the inner workings? What is the creator signing up for? What kind of

4. 13:56

   dashboard do they get? Real-time analytics and that kind of thing in order to help navigate them through creating even better content or being ahead of the trend and that kind of thing. Yes, I would say our secret sauce is our CRM system. So when you send out mass DMs, for example, you can see the open rate the conversion rate know like what content that uh fans are buying the most essentially what captions are converting the best etc and really optimize your future content to that along with like reusing your most popular pieces of content you can see how much each fan has spent um one day like most recently spent um the like price points that they're willing to buy content at etc um which is super interesting as well and then like we also offer like very similar data in your like merchandise store. So it's like, okay, cool. Like what pieces of

5. 14:46

   clothing are converting to best, what designs, et cetera. And we are currently building in like, I would call it smart pricing. So we can really tell you like how much you should be charging to be making the most money on your content. You've been able to get some really big names so far.