We began by carrying out a detailed market study in our target initial segment: beauty (over 43% of women watch beauty tutorials on YouTube (Source: Birchbox & Octoly (2016)). We ran pilot tests with several leading beauty brands. The results were encouraging: brands highly rated our service and a large majority chose to sign up for a paid subscription at the end of the test period. Our market study also included working closely with a sample of YouTubers, 97% of whom positively reviewed our platform. Based on the results of the market study, we updated the technical and feature specifications for our platform. We also tested our technology in a different segment and across multiple countries and languages, as part of a pilot test with the world’s leading video-games company (with whom a worldwide contract is being finalized). In the final phase of the study, we finalized our IP and commercialization strategy.
Our feasibility study yielded great results and we experienced rapid growth: in France, 70% of beauty YouTubers have joined our platform and 16% of all French beauty videos now contain a product provided via Octoly’s free store. In the US, “Octoly” videos have generated 4 million views (Source: Octoly Analytics). These results are highly encouraging for the continuation of our project and the full development of our innovative solution.