Social Status Card Revenue

Billy McFarland describes Magnesis, a social status platform that combined physical metal cards with exclusive access and experiences, generating $11-12M in revenue over 3 years.

Key Points:

• Core Product:

  • Black metal cards that copied members' existing debit/credit cards
  • Initial cost: $2 to manufacture per card
  • Annual membership fee for access to perks

• Value Proposition:

  • Access to exclusive townhouses/lofts for member networking
  • Perks and benefits provided by members themselves
  • Special access to events, venues, and experiences

• Business Model:

  • Dual Revenue Streams:
    • Annual membership fees from users
    • Brands paying to advertise/offer perks to member base
  • Members would bring value by offering their own perks/benefits to other members

• Target Market:

  • Young professionals (early 20s)
  • People seeking access to exclusive experiences
  • Those wanting status symbols they couldn't typically access

• Key Assets:

  • Physical black card as status symbol
  • Multi-million dollar townhouse in downtown Manhattan
  • Network of members creating value for each other

The business ultimately failed due to poor financial management and attempts to monetize too quickly to cover expenses.