Photo - MemSpace
26759

MemSpace

Ukraine, Kyiv city
Market: Internet and IT, Entertainment, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 13.03.2018
Min investment
$  1.000
1
Total required
$ 5.000
Rating
equalizer 158 из 1000
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Idea

MemSpace is a social network for people interested in memes. It provides user with a possibility to entertain themselves with our pictures.

Current Status

We already have a fully operational server that is hosted on Heroku. Also Android app is 75% completed.
We created a page on Instagram of our MemSpace to rise audience. We already achived 2.5k of subscribers that are real.

Market

Costumer:
Age: 13-19 year old
Gender: Any
Citizien of Ukraine, Russia or Belarus
Has android smartphone with Android >=4.4(90% of whole android devices globally).
Market:
We have our strategy to conquer three country's market. First, we want to fullfill ukrainian market because of ban on Vkontakte social network.
This results in almost 5 million possible users at first stages. As we are an IT product we can easily scale our product supplement to fullfill this vast market

Problem or Opportunity

Now, we have only two problems. First is about our hosting provider. Heroku is expensive. And our project need a lot of space to store user data and pictures. We plan to store almost 10 000 pictures that will change over monthes. We need money for that.
Advertising is also a problem that costs money. We plan to use Instagram, Facebook and Vkontakte for advertising. We need money for this.

Solution (product or service)

MemSpace is an android app. App consits of 4 sections.
1. Home - it's a mem Feed with mems that were selected for the user.
2. Hot - feed with most popular mems.
3. Section - feed by mem category.
4. Favourite - list of your selected mems that you can store to access later

Competitors

West market of mems is conquered by 9GAG and Russia is almost living in Vkontakte. So, our most direct competitor is Vkontakte. But, luckily Vk is blocked in Ukraine where we can easily grow, as 9GAG is not popular because of english language used as main language.

Advantages or differentiators

Our main advantage is the Quantity of mems. Currently, our server is downloding them from different vk publics, which is leading into thousands mems per day. This vast choice for user is our advantage. Also, our app features dislikes as an option to express opinion.

Finance

Our app will be selling on Play Market for free. We want to earn money from three different variants:
1. Ads. User will spend around an hour a day in our app. We will show ad post every 5 mem posts. It results in almost 160 ad posts per day for user. If we assume that there is 1% chance for user to click on ad it will give us 1.6 clicks at one session. Or around 0.1$ per session. If we have 5000 users online each day, we will earn around 400$ per day
2. Ads+. Ads will be shown not only in feed, but also in comments section.
3. Ads+Premium accounts. The Favourite section will allow you to store only 5 mems per free. Downloading mems at your phone will be blocked. Premium account gives different possibilities. Such as allowing you to download mems from app to device and storing as much as you want etc.

Money will be spent on

1. Hosting provider. Heroku is expensive. And our project needs a lot of space to store user data and pictures. We plan to store almost 10 000 pictures that will change over months.
2. Advertising. We plan to use Instagram, AdMob, Facebook and Vkontakte for advertising.

Offer for investor

We are ready to discuss offers.

Risks

The main risk is about the legal side of our app. Currently we are downloading mems from Vk. And we don't really know if that is legal.

Photos

Photo 1 - MemSpace
Photo 2 - MemSpace
Photo 3 - MemSpace
Photo 4 - MemSpace
Photo 5 - MemSpace
Photo 6 - MemSpace
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
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