- Duration: 16 min
- Platform: meet
- Source: Read.ai 01J67PKW6AT67VYRNEDVVEP6Z3 (https://app.read.ai/analytics/meetings/01J67PKW6AT67VYRNEDVVEP6Z3)
Transcript
[Josh Tolin]: Hey, Josh. [Josh Tolin]: Hey, what’s going on? [Josh Tolin]: How are you, man? [Max Palmer]: Good. Nice to meet you, Max. [UNKNOWN_SPEAKER]: Good. [Max Palmer]: Good. Um, so I am how cheap of staff. I usually handle these calls for him. Um, I’d, I’d love to, to start just by hearing why you’re interested in megaphone and how you heard about us. [UNKNOWN_SPEAKER]: Yeah. [Josh Tolin]: So basically I, right now my life is completely centered around deal flow between web three companies and care wells. I came across your product. I thought it was very interesting and [Josh Tolin]: Oh, okay. [Josh Tolin]: I came across your product. I thought it was very interesting and thought it was something I could probably pitch to web three companies. However, I need to know a lot more about the product, right? Because there’s not, there’s not great detail on the website. Like who, like what in terms of crypto and web three, is there a list that I could review? Like that of KOLs that you manage, how does it work? Like, are you just paying for likes and comments? Do they do retweeting? Do they do quote retweeting? If you can provide me like some track record stuff, because when I go to these companies, the first thing they’re gonna ask me is, okay, you can, so you can help me boost my posts. Who’s gonna be boosting my posts? Is it gonna be all Asian bodded? You get what I’m saying? You kind of, yeah, so. [Max Palmer]: Absolutely. So we do have creators in the in the Crypto and Web3 space. We have we have over 10 creators in that space. So not massive coverage like some of the other niches, but but pretty decent. We’ve got over 150 creators in total in a variety of different niches in terms of the engagement. So how it works is you’re going to you would pay for the subscription to use the platform, and then you also allocate a budget per post. The amount you allocate per post is the money that goes to paying these creators for their engagement. Typically, an engagement is going to be a comment. That’s the highest form of engagement on Twitter and LinkedIn. [Max Palmer]: A comment is 13 times more valuable than a retweet on Twitter and 28 times more valuable than a like, And that’s from the open source Twitter algorithm. [Max Palmer]: they are optimizing everything for replies and for conversations happening. And it’s pretty similar on LinkedIn as well. So that’s typically what it’s gonna be. You can pay extra and ask for a retweet or retweet with quote, but the creators are, it’s entirely up to them what they want to do. [Max Palmer]: The identity of the creators are, We don’t, we don’t disclose that for kind of obvious reasons, but, um, the minimum follower requirement to be a creator on our platform is 20,000. Um, so that at a very minimum, they have that. Um, and we, we make sure to vet that they are real creators with real followers. [Josh Tolin]: Um, typically, but the company is going to have to like, take your word on that. So like there has to be some. There, there’s no level of transparency on who you guys have. Do you have any like, like big creators? Do you have any like Snoop dog level? Do you have any? [Max Palmer]: No, no, we don’t have any Snoop dog level. Um, no, these are like niche internet creators with tens of thousands to hundreds of thousands of followers, but they’re not, you know, someone with 10 million followers. Um, okay. [Josh Tolin]: My next question is, do you guys need help expanding with that too? [Max Palmer]: Absolutely. Yeah, we’re always looking to onboard more creators. We do have a referral if you’re looking to earn revenue from this, and you know a bunch of creators in the Web3 space. Yeah. Great. I can chat with Hal and we can set that up for you. [Max Palmer]: Yeah, it’s definitely a space we’re looking to add more. What I was going to say was the creators typically charge an additional $10 for every 100,000 followers they have. So we have a creator with 370,000 followers, and they charge $35 for an engagement, whereas we have creators with 50,000 followers, and they might charge $5 or an $10 engagement. So it totally varies. They set their own prices. [Max Palmer]: and then you allocate a budget towards each post, that’s the budget that’s used on your particular post. [Josh Tolin]: The KOLs that I work with charge way more than that. Like $75 for a comment would be tough. [Josh Tolin]: I realize you didn't realize that the conversation might go in this direction, but do you guys have enough business to support like if I brought you, you know, hundreds of KOLs, are they going to be busy? Are they going to, are they going to be able to make like a decent income? Like how busy, what's your throughput like on a weekly basis or something like, [Max Palmer]: I don't have the numbers for you on that. I mean, we have hundreds of users. Um, if you're solely bringing. [Josh Tolin]: Company side is what I was asking. Like how many companies do you guys have like coming a week that are asking you to boost posts and stuff like that? [Max Palmer]: Oh, we have a bunch. Yeah. I mean, we have hundreds of users. Yeah. And those are those are companies. Yeah. Yeah. So so we have actually, I think we probably have more users that are company accounts or, you know, companies trying to grow the audience of their founder. And then we have some people who just use this to grow their personal account as well. Right. But yes, plenty of companies are using this to, um, you know, get leads for businesses and to, um, grow their company accounts and whatnot. Um, so yeah, we have hundreds of users. If you're thinking about bringing on hundreds of like web three creators, um, they might not all have, uh, or not. Yeah. They might not all have a ton of users to engage with. Um, if you know, you were to bring on a ton right away. Um, but, uh, but there's no downside to it for them. They're not losing any money by, you know, we, we don't charge them anything. Okay. [Josh Tolin]: Um, got it. I, I think that's all the questions I have really. [Josh Tolin]: Yeah. So you have, you have roughly like 150 guys spread out through all different, uh, all different buckets. [Josh Tolin]: Yep. [Josh Tolin]: So when a company comes to you and says, I have a post that I want you to boost, I assume that post is sent out to all of those creators. [Max Palmer]: No, it's not sent out to all of them. It would be sent out to creators that are in their niche. So if they're a crypto company, we don't want to send their posts to some health and wellness creator, right? That doesn't make any sense. So we would send that post to creators that are in their niche, that are online at the time they're posting, and we're going to maximize their budget, most often based on a follower to cost ratio. So those are kind of the three criteria that our software does to send posts. [Max Palmer]: And yeah, that all happens behind the scenes. Basically, if a company has a post, they have to have an account, right? They can't just like, oh, I want to send this post. Can you send it for me? You have to create an account before, onboard with us, pick your different niches that this certain account will be a part of, and then you can start posting. Once you post, you're going to send that post on Megaphone, allocate a budget for that, click a few other things, and then once you've sent that post to us, we're depending on which tier, there's two tiers, a $49 a month or an $89 month subscription. With the $89 a month plan, we’re sending that post to creators instantly. So as you probably know, instant engagement is important on these platforms. [UNKNOWN_SPEAKER]: Yeah, absolutely. [Max Palmer]: Yeah. With the $49 a month plan, we're delaying it an hour until we send the post to creators. And then creators have an hour from the time we sent it to them to engage with it. If they don't engage with it within that hour, they're not going to get paid and we're going to send that to another creator in the space. [Josh Tolin]: Nice. I like that structure. That's a good structure. Yeah. So I guess it would be, it would be tough for me to, to pitch this to companies and them not know, you know, who the creators are. I mean, like every, every time I set up a campaign, they have to, I, they have to see a spreadsheet of who's going to be helping. Right. So it would be, it would be a challenge, but I guess the opportunity here is maybe I can help you guys with bringing out some KOLs or something as you, as you guys need or something like that. And if there's some sort of referral system there, although I would, I assume I'd only be getting like a chunk of $75 or something at best. [Max Palmer]: Uh, so you mentioned What, what is that coming from again? [Josh Tolin]: The highest person that gets paid to comment, I think you said is like $75. No, no. I said 35. Did I say 75? [Max Palmer]: I thought you were talking about a person that has like 370 followers and he charges like $75. [Josh Tolin]: Oh, did I? Okay. I might’ve said 75. So the person who has 370,000 followers, they charge $35 a comment. For a comment? Yeah. [Max Palmer]: But you're not getting paid. I'd have to check again with Hauk what the referral is for. I believe it's some percentage of lifetime earnings. And I'm not sure what that is. So I can get back to you with that. [Josh Tolin]: Okay. All good. [Josh Tolin]: When did you guys start? [Max Palmer]: Just over a year ago. [UNKNOWN_SPEAKER]: Awesome. [Max Palmer]: How's it going? [UNKNOWN_SPEAKER]: Good. [Max Palmer]: Yeah, it's growing and it's, it's grown just through word of mouth. Like we haven't run any ads for either. Um, we, we have a newsletter that we, you know, plug it in occasionally, but, um, but yeah, it's grown a lot through word of mouth, which is a good sign. [Josh Tolin]: That's awesome. And, uh, as you know, the KOL world can be brutal. [Josh Tolin]: Yeah. [Josh Tolin]: Um, and then, and then being the person in between, but you guys, I really, uh, I forget who sent me, sent me your thing, but I was like, I gotta check this out. This is really cool. Because what I'm thinking on my end is if I could sell this to two companies, I'd sync up and I'd make like some sort of arbitrage, but it would be a challenge because the pricing, the pricing and crypto is ridiculous. You know what I mean? Like the, I can't get a guy to comment for under a few hundred dollars. Really? [UNKNOWN_SPEAKER]: Wow. [Josh Tolin]: It has like 20 or $30,000 on X. [Josh Tolin]: It’s tough. [Josh Tolin]: Because they’re making so much money. That’s why because it’s it’s a totally different world whereas like If you have a product and your product is $100 subscription a month or something like that and you pay a KOL and crypto, you know tens of thousands of dollars to do a couple posts or A couple integrations or whatever. It’s not cost-effective and in the web to world whereas if you have that you ask them you pay them that same amount and And they’re buying up your token and pushing your market cap up and then triggering a whole bunch of other people to buy. It makes a lot more sense. So I think KOLs in the crypto space are able to charge massive premiums. [Max Palmer]: Yeah. Well, I mean, yeah, the ones on our platform are charging less for, you know, civil comment, but, um, have you had any, uh, cool web three companies come through or, or startups or we’ve had some web three companies come through. Uh, I’ve, I’ve shared with a couple, to be honest, I don’t know how, how they’ve done. Um, another thing, like the quality of the content matters a lot, right? Like, yep. We’re the way we put it is we’re pouring gasoline on the fire, but you still have to start that fire, you know Like megaphone isn’t gonna help promote bad content Yeah, yeah bad contents just not gonna do well no matter who engages with it. So That’s a huge part of the we’ve started a ghostwriting agency to help that part of it as well And so that’s a lot of issue with that. Yeah, a lot of companies, of course yeah, yeah people come in and they’re like, oh this is perfect and And then they create subpar content and they’re like, why didn’t my post do well? And it’s like, you know, it wasn’t the best content. And so, yeah, we’ve built a ghostwriting business as well on top of this and that’s doing well too because people need help writing content. So we just hired another writer last week for it. So yeah, I probably should have mentioned that earlier, like you need to have good content first. And you need to be posting consistently because these platforms reward consistency. [Josh Tolin]: Yep. I agree. Um, okay. Well, I guess, I guess, uh, let’s stay in contact. And if you guys need any help with, with anything, or if I, or let me know if you guys have, you know, if you’ve onboarded a lot more KOLs in the space and you, and, or say like you have like a, Web3 company that comes to you and they’ve got like a big budget and you’re like shit We’ve only got like 10k walls in the in the crypto space We need more and you can just hit me up and I’ll help onboard a bunch of guys into yours If that if the scenario hits or whatever, but yeah, yeah like I said, it would be difficult for me to Be difficult for me to bring a company and not be able to reveal who’s gonna boost their posts that it would be hard to convert them Yeah, totally understand. [Max Palmer]: And there’s no long-term commitment either. If a company is interested, they can try for a few months for literally a few hundred dollars and give it a go. But yeah, totally understand if it’s not a fit right now. [Josh Tolin]: All right, man. Thanks for your time. I appreciate it. Yeah, absolutely. [Max Palmer]: Talk soon, Josh. Thanks. All right, man. Bye.