Are you looking for a way to cherish those memories that were captured in a click?
It’s time to have a look at Groovebook. Your next photo book for the digital age with a facet of multi-utility. The duo of Julie and Brian Whiteman has come up with an app that prints a maximum of 100 photos into a book/photo album.
This app takes photos from your phone to create wonderful photo albums, all you have to do is download the Groove app.
Groovebook at a glance:
| EPISODE NO. | Season 5 Episode 13 |
| BUSINESS IDEA | Photo Album Making App FROM Phone Gallery |
| FOUNDER | Julie Whiteman And Brian Whiteman |
| ASKED FOR | $150,000 For 20% |
| ACCEPTED OFFER | $150,000 For 80% |
| SHARK | Kevin O’Leary And Mark Cuban |
| BUSINESS STATUS | Acquired |
| WEBSITE | Groovebook |
Index:
Founder Story:
The idea for the digital app came to life when Julie lost her photos in her phone and could not revive them. The photos were of near and dear ones. These photos need to be saved and cherished in physical form. This gave the idea for an app developed by Brian.
He hoped this technology in the app would help millions to cherish the moments they had captured so carefully. This is how the Groove Book came to life.
Groovebook Shark Tank Pitch:
Brian and Julie, the couple were seen on shark tank’s episode 13 Season 5 seeking an investment of $150,000 for 20%. Julie explains the concept of Groovebook which allows users to capture the treasured moments and save them forever in an affordable manner.
Simply by taking your digital photos into a traditional photo album. The model works on a monthly subscription whereby users would get every month a new Groovebook with a new cover design.
The cost to develop a photo album at just $3 was a good proposition. Brian developed their own printing shop and groove design which further reduced their production and shipping costs to $2.30.
Mark likes the idea and makes a proposal of $150,000 to license it to big businesses like Flickr or Shutterfly. Meanwhile, Kevin offers to buy out the whole company at $750,000 which the couple denied. Brian and Julie’s intention were to grow their business along with sharks and they were clear Groovebook was worth $6 million.
Lori and Robert join hands to propose a deal for $375,000 to buy 50% of the business. Again the couple is afraid to go for a sellout. Mark and Kevin propose a counteroffer of $150,000 for 80% on a licensing deal.
Between the licensing deal and the shark tank investment, Chris and Julie accepted the licensing deal with Kevin and Mark to close the deal at $150,000 for an 80% stake.
What happened to Groovebook after the shark tank?
Post the shark tank event, the company’s subscription numbers overnight and cracked almost $500,000 in annual revenues instantly.
After appearing on the shark tank, the duo received an overwhelming response within 5 days and planned to air again on the shark tank a couple of times thereafter. The next year, Groovebook gained its subscribers to 500,000 and topped $4 million in profits.
The duo’s hard work had paid off, as they receive almost $14.5 million from Shutterfly which they show on shark tank in episode 620. The couple accepts the deal immediately, which is boasted as the biggest deal in the history of the shark tank!!
The company’s service is sold for $2.99 per subscription and it has been selling on google play app stores and Apple app stores for quite a while now.
Products:
App: 4 easy steps to follow:
- Download the app
- Login
- Select the photos you want to cherish.
- Voila, your groove book is ready!!
This app is a user-friendly experience for any age group, just follow the four steps above and cherish the photos in a tangible form forever. The end product which is the album comes with a great personalized cover.
Photo Album:
Once the app has been instructed to print. The photos come out in the form of a 4.5X6.5 cm framed image, that can be framed in the form of a portrait or landscape as needed. The company has been acquired by Shutterfly.
Competitor’s analysis:
The name of a few of the competitors are:
- Snap fish
- Free prints
- Chat books
- CVS print photos now
Groovebook net worth:
At the time of the shark tank appearance, Groovebook was valued at around $187,500.
Interesting facts:
- You can gift a friend a Groovebook for three or six or even for 12 months
- Refer a friend is a new offer that allows you to give and get free books with the code provided
- The business started in 2012 and was sold to Shutterfly in November 2018.
- You can contact them through Twitter Facebook and email.
Is Groovebook still in business?
Yes, we see that the company was successful till they were acquired by Shutterfly. The company was stagnant in its growth and could not see a bright future ahead. They plan to sell to other countries and ship them across the world.
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What is Groovebook?
Groovebook is a Photo Album And Photo Book Making App.
Who founded Groovebook?
The duo of Julie and Brian Whiteman has come up with Groovebook that prints a maximum of 100 photos into a book/photo album.