06/11/2020
Genies App
Apps typically have to run for several years, building their userbase and credentials before they turn a profit. But in the case of Genies, the digital avatar app, the growth has been unusually fast, cementing the independent company’s relevance in a marketplace where tech giants like Facebook and Apple are grappling for the largest slice of the digital likeness pie. Brands like Bird and Gucci have been partnering with the youthful team at Genies, led by 26-year old CEO Akash Nigam. Genies’ avatars have an advantage over rivals such as Snap Inc’s Bitmojis or Apple’s Memojis because of their large stable of talent. Influencers, musicians, and athletes have pinned their colors to the Genies mast, including Shawn Mendes, A$AP Rocky, Rihanna, and Pink. These celebrities and more have let the team at Genies build them custom avatars to represent them on social media. These digital clones can then be requested by brands who want the cachet of a celebrity endorsement but perhaps lack the time or money to shoot a promotional video with the individual themselves.
Genies Avatars
Genies allow users to build their digital representations, selecting from over a million clothing and facial options, including Gucci-branded products, thanks to the Italian fashion designer’s partnership with the app. While the partnership between a luxury fashion brand and an app mainly used by Gen Z, a generation not known for its high spending power, may seem a peculiar one, it’s all part of Nigam’s strategy. “Because [Gucci are] accessing that generation so young, as soon as that 13- or 14-year-old is able to afford it, they’re going to have a higher propensity to choose Gucci,” he said.
The app’s potential to straddle the lucrative lines between social media, entertainment, and pop culture has made it a point of significant interest to wealthy investors. The billionaires Thomas Tull and Jim Breyer have put money into Genies’ latest funding round, which puts Genies’ total funding at $40 million, and its valuation over $100 million. Breyer’s involvement lends the Genies app additional legitimacy because of Breyer’s previous tenure on Facebook’s board, noteworthy because of the Instagram acquisition that occurred during that same period. This endorsement may be why Nigam is sanguine about the competition in the market. He has said, "Seeing people play in the avatar space is cool because obviously it shows that it is a trend right now. People are trying to figure out who is going to own identity."
Breyer intends for Genies to preserve its independence in a pool of small fish and giant sharks. “There’s a reason why I believe they’ve emerged as a leader in this space already. When it comes to identity and personal avatars that last one or two percent of quality matters, and that will have to continue to be the focus of Genies in a very competitive space."
As well as its digital talent agency which manages celebrities’ Genies and secures licensing fees for sponsored posts on Instagram, Snapchat, and other platforms, the Genies business model is based on building a solid mobile app designed for wowing the app stores, and lastly on building a robust software developer kit so other app makers can integrate Genies into their own projects. For example, a mobile game compatible with Genies could potentially use an individual’s Genie avatar as a representation of their character. Many messaging apps such as Facebook Messenger already support Genies’ avatars. Nigam and co-founder/CPO Evan Rosenbaum’s quest to convince the Internet that Genies are the most intelligent and dynamic avatars on the market has gotten off to a strong start, but there is plenty of work still to be done.
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Source: https://www.forbes.com/sites/bizcarson/2019/06/11/jim-breyer-thomas-tull-genies-funding/
