We were pretty freaked out at the start of lockdowns last year. Like many small business owners, we had no idea how a global pandemic would impact Wavve. Still scarred from graduating in 2008 and struggling for years following, I tend to be the Nostradamus of my friend group – always worried about a "black swan" event. I'd been preparing for a worse case scenario like this for years, yet as everyone knows by now, no one was really prepared for something like this.
We've been extremely fortunate over the last 12 months. Now that the world is re-opening and we're coming out the other side, it felt like a good time to reflect on how far Wavve has come.
We didn't do a whole lot to "earn" this growth. We were in the right place, with the right product, at the right time. So much of a startup's success and failure really does come down to timing. 2020 was a booming year for content creators and Wavve benefited directly from that surge. We nearly doubled in the 12 months since lockdowns began.
I'm often blown away when I think about our total customer count. It's mind boggling that our small team built something where so many people are willing to pay us every month. Sometimes I'll try to visualize what it would look like if we ran a brick and mortar business and had this many customers. We'd be the talk of the town. Funny that with an internet business, someone in Lago, Nigeria knows exactly what Wavve is but not a single person in my neighborhood is aware of it.
This might seem obvious but it's worth repeating. It often take years before you amass any meaningful revenue. BUT, if you keep growing by 5-10% per month, you'll reach a point where your revenue starts compounding rapidly. Look at how long it took us to hit our first million and each subsequent million in the example below.
- 2.5 years to gross $100k in total revenue.
- 4 years to gross $1M in total revenue.
- 4.8 years to gross $2M
- 5.3 years to gross $3M (projected)
From a technical standpoint, it's amazing how much traffic the platform does. When I started hacking on this little tool years ago, I never dreamed it would handle volume like this.
Videos - 782,501 videos. At an average duration of several minutes, it would take many years if you were to try watching them from start to finish.
Users - 223,972 total. Nearly 200k freemium users (about 10% of total users convert to premium)
Themes - 368,406. Each of these is a unique design that users have created on our platform. They represent lots of creativity and many minutes of editing and tweaking.