GrowthHackingIdea - From 0 to $625M/year (Shutterstock)
Did you know that Shutterstock makes $625M/year and 46.3% of the company belong to its solo-founder Jon Oringer.
How did he manage to achieve this?
Here are his first steps:
1. Before 2003, Jon Oringer was always looking for digital images for his business needs, but they were either $500 or he had to call people to get the rights. There was a huge problem and no solutions - there were 0 web-services where you could just choose and legally buy an image you wanted.
2. So in 2003, Jon decided to develop a simple website where people like him could buy digital photos.
3. But he faced a big problem - where to get digital photos? He needed photographers. But instead of paying them the money he didn't have, he decided to become a photographer himself.
4. He bought a digital camera, a Canon Digital Rebel for $800.
5. For about 6 months he shot 100,000 images by himself.
6. Then he chose the best 30,000 images and put them on the website allowing anyone to have unlimited downloads for a monthly starting fee of $49.
7. When there is a huge unsatisfied demand and you create the first solution, it spreads virally like fire at a gas station - it explodes. Your best growth hack is to invest your time into finding such a huge unsatisfied demand.
8. He was the only person in that company, doing everything: photo shooting, programming, answering customer service emails, etc.
9. The first servers were placed in his apartment, making it as hot as the tropics + demand was so big that he couldn't fulfill all of it.
10. The service became popular and other photographers started to ask Jon to put their own photos on the server.
11. Jon created an upload system for anyone, paying around 25% per download.
12. By 2007, Shutterstock had 1.8 million photos.
13. In 2007, while being profitable, Jon Oringer invited a smart investor to join the company and help him growing a 40-person company to a 200-person company.
14. Now Shutterstock is a 700-person company, making $625M/year.
Source: www.inc.com
Cheers,Charlie Patel ;)
Your friend wants to get access to our invite-only community of growth hackers from companies like Uber, Google, Microsoft, TechStars, Disney, Adobe, Coca-Cola, Amazon, etc.? Here's your personal invitation link for him/her: http://e.growthhackingidea.com/?ref=2145324&a4=1&a5=9
Unsubscribe | GrowthHackingIdea / StartupGrowth.com | 1460 Broadway New York, NY 10036
Key phrases
Older messages
+47% CTR easy (98% don′t use this)
Tuesday, April 26, 2022
Today's hack +47% CTR easy (98% don′t use this) What drives more conversions: 1. Positive sentiments that focus on the pleasure from the gain. 2. Or negative sentiments that focus on the pain from
From 0 to 140,000/month paying customers
Monday, April 25, 2022
Today's hack From 0 to 140000/month paying customers CloudHQ managed to grow from 0 to 140000/month paying customers. How did they do it? 1. In 2011, they focused on solving a big problem for a
+55% conversions (simple A/B test)
Sunday, April 24, 2022
Today's hack +55% conversions (simple A/B test) You probably saw this pretty often, when products sound so smart, trendy, and beautiful ... that you have no clear understanding of what they are
From 0 to 1M users in a year (Foursquare)
Saturday, April 23, 2022
Today's hack From 0 to 1M users in a year (Foursquare) Foursquare managed to achieve 1 million users in just a year. How did they do it? 1. They launched a simple app in 2009: you could share your
TOP 5 insights to motivate your sales team
Friday, April 22, 2022
Today's hack TOP 5 insights to motivate your sales team If you've ever tried to sell, you know how frustrating it can be. People just burn out. A sales guru, Andrew Berger, who manages multiple
How to Restore Your Old Deck Without Going Broke
Sunday, April 10, 2022
Give your deck a new life by repairing, cleaning, and refinishing it yourself.... Do everything better Sunday, April 10, 2022 Lodge How to Restore Your Old
Truth Telling + Recommended Reading
Saturday, April 9, 2022
True kindness doesn't come with expectations.
Startups Weekly - Crypto’s latest disruption may be investor expectations
Saturday, April 9, 2022
TechCrunch Newsletter TechCrunch logo Startups Weekly logo By Natasha Mascarenhas Saturday, April 09, 2022 Welcome to Startups Weekly, a fresh human-first take on this week's startup news and
I think you’ll want to see this…
Monday, May 16, 2022
What's the one thing that might make your job easier in the long run, Reader? A sneak peek at what's coming before it happens? Or maybe insider information on what others are doing? Our 14th
May 16 - Belk CEO heads to GameStop | Warby Parker's net loss tops $34M
Monday, May 16, 2022
GameStop poaches former Belk CEO as its new COO; Warby Parker lost $15M in sales as a result of pandemic disruptions in Q1; Belk CEO departs after less than a year in the job; Solo Brands appoints new
⚡ MC - Optimize Customer Offboarding
Monday, May 16, 2022
View in browser Welcome to today's Marketer Crew edition! Optimize your customer offboarding flow Insight from ProfitWell Some companies make customers jump through hoops to cancel their
[External Traffic Webinar] Thinking Outside the Amazon Box
Monday, May 16, 2022
Hi Reader! So you've ironed out your entire Amazon strategy, and yet sales aren't coming in that hot. The simple reality is that Amazon is a pay-to-play marketplace. It's impossible to rank
May 16 - Domino's app grants 'Stranger Things' powers | Marriott launches hospitality's first media networkMonday, May 16, 2022
Marriott launches hospitality industry's first media network; Budweiser provides Twitch streamers with free tunes; Mattress Firm wants listeners to rest easy with new podcast as audio medium climbs
Macro impacts on PE and VCMonday, May 16, 2022
Mobility tech shifts gears; US VC valuation trends in four charts; Gusto extends Series E; StartPlaying nabs $6.5M; Tidio collects $25M for chatbots Read online | Don't want to receive these emails
How Lauren Made $972,370 Last Year From Her Blogging Course
Monday, May 16, 2022
How Lauren makes almost $1000000 a year helping people start profitable blogs, a special link building offer, and more... Today's email is sponsored by: Would you be able to run a business with
Monday, May 16, 2022
It's here, Reader! The 14th annual Social Media Marketing Industry Report is ready for you. Check it out here. In today's edition: In December 2021, Head of Instagram Adam Mosseri announced
-p-500.png){kind=small}
an amazing "cumback"Monday, May 16, 2022
Supp Reader Been a long time, ain't it? Well... all of this time that I haven't emailed you, I spent it doing one thing, and one thing only: Scaling my agency. and that monastic focus has
🍕 Mexican PizzaMonday, May 16, 2022
What do Doja Cat, Dolly Parton and Taco bell have in common?