Ed Vincent is the founder of the subscription-based live-events SaaS platform Festival Pass. He joins Ryan to talk about some ground-breaking concepts including how to integrate Amazon primes business model and NFTs into your business to create your own capital! Ed also discusses the alternatives to raising capital through venture capitalists and what this looks like in reality as well as reveals the biggest mistakes people make with subscription-based businesses.
- Festival Pass uses a membership model where consumers pay a monthly or annual fee to join the platform and receive credits in exchange depending on what level they pay for.
- Ed is beginning to bridge the gap between Web3 and live events by introducing an NFT based subscription model.
- Festival Pass get its tickets and other products from a variety of primary and secondary sources, allowing them to provide variety, volume and value.
- Transparent pricing is one of Festival Passes core concepts and one of the things that differentiate them form their competition.
- Consistently raising capital every 6-12 months with strategic individuals is one of the ways that FestivalPass have been able to avoid institutional capital.
- Festival Pass is starting to work with influencers but instead of paying in cash, paying them with products, such as free festival tickets.
- FestivalPass have an inbuilt reward system to keep people committed to returning and staying on the app.
- You can’t purely focus on growth in subscription business models, you have to ensure every transaction makes a net profit.
- When creating NFTs for your business, use it as an extension of your core product offering but treat it as a shared ownership in the success of the company that has value today and potential future investment too. It’s both a utility and a benefit.
“We have over 70k users on the platform”
“Once you’re a member you get all these benefits, so you’d never want to not be a member”
“Our goal truly is to sell 10k of them (NFTs) this year”
“Every single business in this world will be on Web3 in 5-10 years time”
“The more you commit to being on the platform the higher your reward”
Do You Want The Closing Secrets That Helped Close Over $125 Million in New Business for Free?” Grab them HERE: https://www.whalesellingsystem.com/closingsecrets
Founder and CEO
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How do you grow like a VC-backed company without taking on investors? Do you want to create a lifestyle business, a performance business or an empire? How do you scale to an exit without losing your freedom?
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