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MirMir Shark Tank Update

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MirMir is a photo booth that is used to take a professional photo-taking machine that uses special software and filters that gives a professional studio quality images instantly. It is introduced as an advanced and upgraded version of any traditional photo booth. It automatically adjusts the amount of light and improves facial factors by auto-touching images and reducing noise and implies black and white filters in her post-processing to give you a better quality of images.

MirMir is claimed as the only professional selfie camera. It gains its popularity by being acknowledged by a “just married” couple Kim and Kanye photos that go viral on the internet that are shoot by them.   

MirMir at a glance

SeasonSeason-8, Episode-28.
Business IdeaProfessional-Photo-Booth.
FoundersRyan Glenn and Sean Spencer.
Asked For$350,000 for 10% of equity.
Accepted Deal$700,000 for 20% of equity.
SharksRobert Herjavec.
Business StatusIn Business.
WebsiteMirMir

Index:

Founder Story:

MirMir is founded and developed by 2 young entrepreneurs called Ryan Glenn and Sean Spencer they meet at a “Super Bowl Party” in Dallas Texas in 2011. They both have a history and background in photography and Fine Art. Also they are working in some kind of film industry at that time that have the same kind of problems too, therefore they both came together to build a high-end professional-type photo booth called Mir-Mir.

Ryan moved from Texas to Los Angeles to join Sean and started their research and their prototypes after some research they finally developed Mir-Mir. 

Did MirMir get a deal on Shark Tank?

Ryan and Sean both entered ABC’s famous reality show Shark Tank in Season-8 and Episode-28. They both introduced their product and asked for an investment of $350,000 by giving their 10% of equity. They introduced Mir-Mir as a Professional Photo Booth that has their inbuilt advanced software that reduces noise and retouches the pictures to improve facial position and improve lightning in photo processing after that they apply a black and white filter in it that gives you a professional touching photo. 

They asked Sharks to take a sample of their product. Sharks love their product and being impressed with it, they spend a very interesting time with it before going to their seats. 

Robert says, they called them at their wedding and their image quality was amazing and they know their operations and work before. Sharks found the product very interesting and asked him for their sales as:- They made over $4 Million in sales in 3 years before the show also, they installed their nine units in New York and Los Angeles. The cost of a single unit to manufacture is $22,000. The cost of operating them is $2,750 for a few hours. 

Sharks find products interesting but some have few doubts in their mind as Mark believes that technology is advancing day by day also there are millions of applications that provide the same type of filters in-camera who else going to use their products.

Although Kevin O’ Leary offer’s him $350,000 as a loan at 18% interest and 55 equity. Robert likes that but they want 50% of their equity, therefore they asked them how far they lose their equity they told them for 20%. Robert initially offers him $700,000 for 20% of equity and they accepted Robert’s Deal. Here they got a deal in the show.

What Happened to MirMir after Shark Tank?

After the show it receives a massive hike in their sales as they becomes a well-known and kind of innovative product makers in the entire country, people want to test their services they frequently reached their outlets and takes their pictures, however, the deal with Robert cannot be closed.

They installed various outlets in different other regions of the country as San-Francisco, Texas with some international outlets that are installed in various other parts of the world as London, Tokyo, Bangkok, Dallas, Austin, etc.  They also get tie-ups with major events that are:- Oscars and Golden Awards etc. MirMir annual revenue is about $4 million.

Competitors of MirMir:

Mir-Mir is one of its kind in the entire market but they are in a very tuff and rapidly changing environment that has vast numbers of competitors few of them are:-

  • Photo-Booth-Hire.
  • Photo-Booth-Pro.
  • PhotoBooth4u.com, etc.

Net Worth of MirMir:

Initially, when they get into the Show their company is valued at $3.5 Million. After that they receive a major hike in their sales as they become a well-known brand in photography after that in 2021, their company is valued at approximately. $12 Million. 

Is MirMir still in Business? 

Mir-Mir is still in business and doing great in their area as they become a well-known brand in the country and outside world in the photo booth area.

MirMir social links:

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FAQs:

What is MirMir?

MirMir is a photo booth that is used to take a professional photo-taking machine that uses special software and filters that gives a professional studio quality images instantly. It is introduced as an advanced and upgraded version of any traditional photo booth.

Who founded MirMir?

MirMir is founded and developed by 2 young entrepreneurs called Ryan Glenn and Sean Spencer they meet at a “Super Bowl Party” in Dallas Texas in 2011. They both have a history and background in photography and Fine Art.

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