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IMVU CEO on Converting Free Users to Paying
- 1. Cary Rosenzweig CEO IMVU Inc. Social Gaming + Virtual Goods Summit London November 12, 2010 Converting Free Users to Paying
- 2. • What is IMVU? • 12 Lessons: Convert Free Users to Paying • Games and Europe • Q & A Agenda Agenda
- 3. What is IMVU? An online social entertainment destination where members use 3D avatars to meet new people, chat, create, and play games with their friends
- 4. Company Overview • Founded in 2004 • Based in Palo Alto, CA • 100 employees • 3 institutional rounds • $30M raised
- 5. Business Snapshot • 3D avatars • Virtual goods • Social network • Games & music • 50M+ registered users • 10M+ uniques/month Global unique visitor data from Quantcast: http://www.quantcast.com/imvu.com Registered Users (millions) 0 10 20 30 40 50 60 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10
- 6. IMVU is growing and healthy IMVU Revenue ($ Millions Per Year) $0 $10 $20 $30 $40 2006 2007 2008 2009 2010
- 7. Attractive demographics 70% Female 60% 18+ years old 50% USA
- 8. 12 Lessons For Converting Free Users To Paying Ones
- 9. Diverting new users directly into the store = 20% lift in number of users buying goods #1 Take them to the store ASAP
- 10. #2 Make them an offer they can’t refuse $0.99 offer = 150% increase in VIP members
- 11. 11IMVU Confidential #3 Give them many ways to pay
- 12. #4 Give them new ways to pay + = 15% lift in VIP signups & revenue
- 13. #5 Give them cool ways to pay $50 “3D Prepaid Card” • Collaborative effort with specific retail partner (Target) • Higher price point resulted in incremental lift • “3D collectable art” reinforces brand
- 14. #6 Keep your inventory fresh 4+ Million Virtual Items April 2004 October 2010
- 15. #7 Give them free stuff Gifts available only with purchase = 10%-20% lift vs. no gift
- 16. #8 Make spending cool
- 17. #9 Let them be creative More than 1/3 of IMVU revenue comes from Creators
- 18. #10 Turn users into sellers The top 20 virtual items sold represent only 0.2% of all credits spent
- 19. #11 Give them new ways to spend 3 new games = 10% of credits sunk via entire catalog IMVU = Social Entertainment
- 20. #12 Speak their language Now in Swedish! … Dutch, French, German, Italian, Spanish, Portuguese … and more!
- 21. Q & A Cary Rosenzweig CEO IMVU Inc. cary@imvu.com www.imvu.com/jobs “Thanks!”
- 22. Customer Money Credits IMVUCreator Credit Sink IMVU’s Virtual EconomyIMVU’s Virtual Economy