[Journey] Starting a subscription based platform - our goal is to generate 1 million in revenue in Q1 of 2021!

richdaddy7

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I never posted about my journeys here.

But now it's time to do that and share something interesting. We are building a subscription-based platform where creators and influencers can monetize their influence by selling content for a monthly subscription. Probably this is nothing new for you guys. They can earn a lot of money this way. :)

I know there are big platforms like OnlyFans or Patreon. But there is still a huge opportunity for a new platform with great marketing and product. OnlyFans are going to generate 2 Billion in revenue this year. I believe they are only starting...

After doing a strong market analysis and research. There are a lot of countries with big Influencers and creator where OF isn't popular at all. We want to target those countries.

Our goal is to generate 1 Million Euros in revenue in Q1 of 2021. Maybe it is a big goal. But it is absolutely possible. I think we can achieve this with great marketing and our knowledge.

What we have and what we already accomplished:
  1. We did a market analysis
  2. We found a good brand name
  3. We put together a great team of programmers
  4. Found a trusted payment gateway with great fees that support adult content
  5. We set up a new company for the platform
  6. Hired a lawyer to prepare all the legal documents
  7. We designed the site with better UI and added new functionality to earn more money, like upsells and automation
  8. I put together a marketing strategy to reach millions of targeted Influencers and creators
  9. We did research where to find new Influencers. We found some new channels, where we can contact them.
  10. We implement some features, where we used psychology and gamification. The main goal is to make the platform addictive - spend time on it.
This is pretty much all that we are working on right now. There are also a few pieces of information that I do not want to share for now. Later I will reveal it...

Me personally I have a big network of Influencers. It is going to help us kickstart the platform from the beginning.

We want to start the platform in January of 2021. I will update this thread as soon as we move on to the next stage.

If you have any questions or tips for us. Feel free to ask. I will do my best to answer all of your questions.
 

FrozenRoll

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Anyone can launch a platform like this, it's not difficult and there is a ton of competition.

As you correctly mentioned, it's all about your ability to attract influencers.

I would honestly say you have wasted your time doing all the prep work without testing if you can deliver influencers that actually make sales.

In my experience 1/200 influencers know how to make money, so you need to work out how you are going to target influencers that can sell.

I have been running a similar platform for 8 months now, and I can say with all honesty it's a real grind.

I am happy to provide insights and the things I have learned, perhaps it will help you accelerate past the mistakes I made.
 
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richdaddy7

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Anyone can launch a platform like this, it's not difficult and there is a ton of competition.

As you correctly mentioned, it's all about your ability to attract influencers.

I have been running a similar platform for 8 months now, and I can say with all honesty it's a real grind.

I am happy to provide insights and the things I have learned, perhaps it will help you accelerate past the mistakes I made.

Yes sure. I agree it is all about marketing and reach nowadays. Of course a good product.

I believe. It has to be a grind. If you want you can provide some insights so we can learn from the mistakes you made.
 

FrozenRoll

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Yes sure. I agree it is all about marketing and reach nowadays. Of course a good product.

I believe. It has to be a grind. If you want you can provide some insights so we can learn from the mistakes you made.

I just updated my first post with the mistake you have made
 

200

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Cool. Seems a bit optimistic with the revenue.
Hope you prove me wrong.
 

Mouadmo

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I second the first comment, you think you know there is competition but you only feel that competition when you actually get to the business.

I'd say you're looking at this from the "not so right" point of view, a project like this should not be about generating $1m, nor about taking a piece of OnlyFans. It should be about solving a problem, or making the process easier.

You seem to have resources, which is good, I'd suggest you focus on a niche, a much more specific aspect of the business.
Take a look at micro-influencers, livestreamers, local influencers.. what do they need? What do brands or fans want? Solve something and you'll be sailing at your own sea, and that's where the money comes.
 

ScissorKing

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  1. We implement some features, where we used psychology and gamification. The main goal is to make the platform addictive - spend time on it.
Just some thoughts:
1. let the creator play mini games with the subs via live stream. I think that would have a huge potential. Get competition from chaturbate to your platform. I guess lot's of twich users would embrace that as well.
2. make a lifetime referral program to f*** with onlyfans
 

richdaddy7

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Hello guys!

Before I start. The platform is called EliteFans.

Here is a little update. The development of the platform plus the legal side of the business, required more time and investment than we expected. We had to consult a lot with our lawyers, to prepare ale the documents and terms. The development took almost 6 months, to finish everything. But the goods news is, we are going live around next week.

We had some difficulties with the payment providers. We contacted around 15-20 different payment providers. A lot of them couldn't accept this business model. And the others, which have accepted us, are taking a huge fee. Something around 5% + 0.25cents. Since we have an 80-20% split rate. We keep only 20% of the revenue. If we had to pay from our revenue the payments processing fees. We would leave with almost no profits. But, we luckily found a payments provider which is taking a 0.8% + 0.20cents fee and accepting even adult content.

In the beginning, we never thought, that there is going to be a lot of expenses around (VAT, employees, licenses, servers, cloud storage, developers, lawyers, referral commission, and so on...). When we calculated all these expenses. We figured out, that all of this is taking and going to take a lot from our 20% commission.

Here are some graphics of the platform:
graphics.jpg



See what EliteFans Platform has to offer for now:

Monthly Subscription
Claps "tips"
Referral program (5% commission of the creator's earnings)
Message 1 on 1 with your favorite creators
⚙Auto message sending feature
✅ Prompt and regular payouts

What we are planning to implement in a few months:
- Crypto payment and payouts
- Video calls 1:1
- Live streaming

I almost forgot. We had a plan to generate 1 mil revenue in Q1. We haven't even started. But, we still have the same goal in these upcoming first months.

I will make an update when we go live.

I would love to hear your feedback!. Feel free to ask, if you have any questions. :)
 
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TomTheCat

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I have one question. Have you tried to reach local banks from your country to process payments through them? Is much cheaper this way, but most won't accept adult content. And a suggestion, if you are going to process crypto payments, make your own code to process them. This way you can pay creators directly in crypto, and cut the middle man. Looks promising and you can reach your goal. Good luck!
 

richdaddy7

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I have one question. Have you tried to reach local banks from your country to process payments through them? Is much cheaper this way, but most won't accept adult content. And a suggestion, if you are going to process crypto payments, make your own code to process them. This way you can pay creators directly in crypto, and cut the middle man. Looks promising and you can reach your goal. Good luck!

Thank you for the question. Yes, we tried negotiating with our local banks. They won't accept adult content. We are already working on our own crypto payment gateway. We will be able to directly payout the creators.
 
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