Grapevine Acquires Social Commerce Platform ReadyCart to Provide Additional Monetization Options to Social Media Influencers
The deal will provide Grapevine's 135,000+ influencers to monetize their content through a new affiliate shopping platform
BOSTON, MA, October 10, 2017 (Newswire.com) - Grapevine, the world's leading end-to-end influencer marketing platform, announced today that it has acquired ReadyCart, a turnkey affiliate shopping platform designed for YouTube creators. The addition of ReadyCart to Grapevine's product portfolio provides a new way for the more than 135,000 content creators in Grapevine’s network to monetize their content in concert with branded content opportunities.
"Our goal is to provide unmatched value to the entire creator community which consists of millions of creators across YouTube, Instagram, Facebook, Snapchat and other platforms. ReadyCart is a big step towards that. Now every content creator, regardless of size or content category, will be able to better monetize their video content by delivering a relevant and enjoyable shopping experience to their fans, starting with the 130,000-plus creators in the Grapevine network," said Grant Deken, Co-Founder and CEO of Grapevine.
ReadyCart was started in 2013 as a way to help YouTube creators build content-specific shopping carts that feature products from their videos. Audiences can visit the shopping carts by clicking a link to see all of the products mentioned and purchase them individually or in a bundle using APIs from e-commerce partners. Creators earn a commission each time a customer makes a purchase.
"ReadyCart is the first portfolio company that Very Ventures, the investment arm of Very, has backed from beginning to exit," said Jonathan Bragdon, a partner with Very. "It represents the kind of innovation and strategic market disruption that we'll continue to seek out."
"We spun ReadyCart out of our product development services firm because we saw a massive opportunity enabling commerce for YouTube creators," said Jesse Morris, a partner with Very. "This transaction will allow the thousands of influencers across Grapevine's incredible network to seamlessly generate incremental revenue, roll out network-wide brand campaigns and connect engagement activities to purchases."
Recent research found that more than one-third of Millennials have purchased a product after viewing sponsored content. Additionally, digital content consumption continues to pick up pace. A 2016 report from Global Web Index found that 60 percent of media time is spent consuming digital content. YouTube is on track to surpass TV as the most watched format in the U.S., and viewers are making their purchase decisions based on what influencers are sharing in their videos.
"Sponsorships are a big opportunity for creators like me, but they only represent a small portion of the total revenue I could be making from affiliate sales on the products I talk about and recommend to my fans. Having a tool like ReadyCart is great because in one step I can enable affiliate commerce across all of my YouTube content," said Enobong Etteh, Founder of Boored at Work, a technology-focused YouTube channel with more than 200,000 subscribers.
"Grapevine is the leading independent platform for sponsored content today. The addition of a highly scalable, complementary solution will significantly advance our vision of becoming the world's leading social content commerce platform. We are excited to begin rolling this out ahead of the holiday season with some great partners which we will soon announce," said Deken.
Grapevine is the world's leading end-to-end influencer marketing platform that enables collaboration between advertisers and social content creators to produce promotional content at scale. The Grapevine network includes more than 135,000 creators who generate more than 6 billion monthly views. Advertisers leverage Grapevine’s workflow management software and proprietary tracking and analytics to measure direct response and conversion rates from promotional content on YouTube and Instagram. Learn more at http://www.grapevinelogic.com.
About Very Ventures
Based in Chattanooga with talent in 17 U.S. cities, Very Ventures scales companies to deliver real value to the real world. Our founding partners have decades of experience as entrepreneurs and corporate executives, and we leverage deep networks to fill operational and go-to-market gaps. We partner with every portfolio company, working to build long-term talent and trusted relationships, with a shared goal of creating timely liquidity and returns. Together, we make possible.
Jibran Malek, Sr. Marketing Manager