Key Takeaways:
– Markable.AI, a company launched by Joy Tang, offers an AI-powered technology and advertising platform for social creators.
– The company is pivoting from its origins as a product identification system after its AI technology was dropped by Weibo due to creators’ complaints.
– The firm now provides an end-to-end platform to help influencers capitalize on their content.
– In collaboration with digital marketing company Wavvup, Markable.ai has launched a $100M ad fund.
– This ad fund will assist top social creators with ad placement and optimization, leveraging the company’s AI capabilities.
Starting as a content recognition system and now evolving into a creators’ paradise, Markable.AI has charted an exciting journey. The platform, piloted by entrepreneurial ace Joy Tang, has transformed into a dedicated advertising and automation platform for social influencers.
Understanding the Creator Community
Following a setback from Weibo, Tang obtained key insights about social commerce. Realizing that the creators held the reins in the sector, she revamped Markable into a service that prioritizes creators’ interests. After raising about $6.1 million in June, the firm is now set to expand further into advertising.
A Significant Partnership Marks Milestone
In collaboration with Wavvup, a digital marketing entity, Markable.ai is launching a $100 million ad fund. This fund aims to bolster the reach of top-tier social creators by implementing Markable’s AI for optimized ad placement. The company intends to share in the profits generated from this venture.
Close to Profitability Horizon
Although posting $2 million as annual revenue, Markable is close to breaking even. Tang anticipates the company to turn a profit by year’s end.
Moreover, with a total funding of $15 million to date, Markable boasts an array of investors, including global tech platforms like Dentsu and Cheetah Mobile, VC firms FoundersX and Plug and Play Ventures, and several angel investors.
Gearing Up Creators for Success
Diving into social commerce, Markable offers a suite of AI-powered tools. With offerings ranging from website management tools to AI-generated captions and videos, it assists creators in effectively managing their online presence. An automatic direct messaging system also resolves customer inquiries on platforms like Facebook and Instagram, enhancing customer interaction and satisfaction.
Cashing in on Gen Z Buying Habits
Citing a recent KPMG report, Tang notes that 63% of Gen Z shoppers attribute their buying habits to social commerce. This shifting landscape provides brands and influencers not only an opportunity to redefine their strategies but also redirect their supply chains to cater to Gen Z’s fast-paced purchasing behavior.
Growing Creator Community
Currently, Markable hosts around 750 top creators on its platform with a total gross merchandise value of $500 million annually. This impressive figure was primarily achieved through word-of-mouth reference.
Moreover, Markable’s marketplace enables creators to collaborate with brands, providing additional commissions beyond affiliate marketing fees on platforms like Amazon, Walmart, and Target.
Engagement and Brand Partnership
Owing to the high engagement rate within its creator community, Markable reports an astounding 80% engagement rate for brands seeking partnerships with creators within its market space, opposed to a more typical 1% on other platforms.
With a growing network of 20 full-time employees, Markable is set to redefine the landscape of social commerce, all the while prioritizing the interests and profitability of creators.
