Create your own fantasy with IMVU.com's Dress and Shop Feature
It is 9:34am and there all well over 72,000 IMVU members online right now. If you are not familiar with this entertainment site, you should take a look. Driven by 40 million registered members and IMVU’s strong studio environment, I am impressed with the high end graphic quality of 3D virtual world environment. Since I am an animator, I could tell the company developed a true creative synergy.
I recently met Lee Clancy, VP of Product Mgt. and General Manager of Direct Revenue during the Engage Expo 2009. In our introduction, we talked about the relationship between developers, animators, and members. He showed examples on how this social network has carefully worked through its platform with care and thoughtfulness. Acting much like a virtual publisher, the company has a nimble and open operation.
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Stardoll and Elle Magazine takes Big Brand (DKNY) into Virtual World space
I commented on the value the company might make for brand introductions. Whether it would be a GAP brand channel or inspiring fashion designer could launch their own line of clothing. It is my view that this opportunity could hold water. The real estate and brand catalog could produce a spontaneous conversation for product launches and brand loyalty. For example, Elle Magazine just announced their brand extension plans for their publication. On October 9, 2009, the magazine is partnering with StarDoll to launch their virtual world experience with 9-17 year old girls. This highly sought out market for big brand might bring life to the publication business and retail industry.
My research found that IMVU.com expanding its big picture view of virtual world engagement of branded entertainment. The company plans to bring high-quality brands into IMVU. As the CEO explained in the recent announcement of partnering with Alloy Marketing and hiring Danny Wright are important elements of augmenting our core business model.
Ice T and Coco debuts their virtual world
Several days later, Ice-T announced his new venture with IMVU. The couple launched the Ice-T and Coco virtual channel. Targeting 18 year old adults, this is a brand extension that wraps around celebrity.
“We love Ice-T and Coco because they are fun and fearless entertainers. Their branded merchandise will be a great addition for IMVU members,” said Jeff Titterton, vice president of Marketing and Sales at IMVU. “We are excited about this partnership and look forward to working with Ice-T and Coco to add more items to the store each month.”
In a recent published article, Dean Takahashi from VentureBeat was right on mark when he explained the intricacy of the company success. Mr. Rosenzweig cites China’s Changyou.com being the complimentary company to IMVU.com.
During a private conference call with CEO, Cary Rosenzweig selected a few selected reporters; I was privy to view a press presentation. The numbers and statistics are impressive. From the company’s inception in 2004, rigorous testing in quality control insured the pace of production, membership, and company growth. Steady stewardship seemed seamless and gradual. I remarked to Cary that I found his company historical growth exemplified a pragmatic approach to fiscal soundness. IMVU is the exception to the rule. On October 5th, the company announced they doubled their revenue in one year and hit the $25 million benchmark.
On the heels of the announcement, James Joaquin was added to its board of directors. Joaquin is a seasoned entrepreneur and strategist with 25 years of experience building and leading consumer technology companies.
IMVU grew its revenue primarily by increasing the sale of virtual currency to its members, who use that currency to purchase virtual goods ranging from clothing for their avatars to furniture for their rooms. IMVU’s catalog of virtual goods is the largest in the world, with more than 3 million items created by IMVU members. The daily production of items sold is valued at about 175,000. It is not to my surprise that IMVU recently announced that the company has doubled its revenue in one year to a $25 million run rate and achieved profitability. At peak hours of game play and social network chats, the company estimates that there are close to 770,000 conversations and story lines being produced by members. Their virtual world and communities gain the marketing tools and technical support needed to support this 3D love fest.
“We’re proud to have grown revenue so quickly at a time when consumers have been cutting their personal spending,” he further stated. “We attribute our success to five years of hard work by our employees and to the creativity of our members. We’re investing most of our profits to hire more employees so that we can further improve the customer experience.”
The confidence and ease this CEO is apparent. I see IMVU be a first to market with an emerging trends. The company has proven itself to be a gold standard with the world of 3D experience for the novice or professional designer.
If you are attending the Virtual Goods Summit 2009 in San Francisco, you will be able meet Lee Clancy and Cary Rosenzweig.
For more info: Virtual Goods Summit 2009 IMVU
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