From Business Times
Brad Greenspan sees potential for shoppinglifestyle.com to become top women's destination online, writes ABIGAIL KOR
MYSPACE founder Brad Greenspan has invested more than US$1 million in homegrown web portal www.shoppinglifestyle.com
The collaboration was conceived late last year when ShoppingLifestyle's US business associates put the company in touch with Mr Greenspan.
The Internet entrepreneur, who has been involved in founding and developing numerous web properties, was attracted by ShoppingLifestyle's business model and potential.
'I see great potential in shoppinglifestyle.com becoming a top women's destination online,' he said. 'Its content offerings and business model are perfect for rapid expansion into new markets. The team has done a wonderful job in Singapore and I believe it is ready to become an influential player on the global digital media landscape.'
Under the collaboration with Mr Greenspan, ShoppingLifestyle plans to make its first overseas forays - into Malaysia and Philippines. The rapidly increasing number of Internet users in these countries equates to huge untapped market potential for web-based companies.
ShoppingLifestyle is also looking at expanding into the US, after positive feedback the website has gained from users there.
It plans to adapt its content and features to suit the varied tastes of the different markets, while retaining the same user interface. The websites for the Malaysian and Philippine markets are slated to be launched within two months.
Founded in 2006 by National University of Singapore computer science graduates Calvin Yew, 31, and Shellen Pan, 29, ShoppingLifestyle is an online magazine aimed at young female professionals. It features exclusive articles on fashion, beauty, relationships and entertainment.
The duo pooled $50,000 of their savings to develop and launch the site, relying on online marketing and freebies and promotions for publicity.
Revenue is mainly generated from advertising sales, especially high-profile marketers such as Procter & Gamble, LVMH and Global Beauty International.
Currently, the website attracts more than 150,000 unique readers each month. In 2009, it reported revenue of $300,000 despite the global economic downturn.
With the overseas venture, the hope is to hit at least one million readers within the next six months.
Managing director Mr Yew is optimistic - confident the site can generate over $1 million within a year, due to the larger revenue potential in overseas markets.
'We are excited by this opportunity to take the ShoppingLifestyle brand out to the rest of the world,' he said.
'We have benefited greatly from starting out locally, because Singapore is one of the best business locations for entrepreneurs. Our immediate focus will be to strengthen the team as well as solidify our position in Singapore and other high-growth markets like Malaysia, the Philippines and the US.'
Brad Greenspan sees potential for shoppinglifestyle.com to become top women's destination online, writes ABIGAIL KOR
MYSPACE founder Brad Greenspan has invested more than US$1 million in homegrown web portal www.shoppinglifestyle.com
The collaboration was conceived late last year when ShoppingLifestyle's US business associates put the company in touch with Mr Greenspan.
The Internet entrepreneur, who has been involved in founding and developing numerous web properties, was attracted by ShoppingLifestyle's business model and potential.
'I see great potential in shoppinglifestyle.com becoming a top women's destination online,' he said. 'Its content offerings and business model are perfect for rapid expansion into new markets. The team has done a wonderful job in Singapore and I believe it is ready to become an influential player on the global digital media landscape.'
Under the collaboration with Mr Greenspan, ShoppingLifestyle plans to make its first overseas forays - into Malaysia and Philippines. The rapidly increasing number of Internet users in these countries equates to huge untapped market potential for web-based companies.
ShoppingLifestyle is also looking at expanding into the US, after positive feedback the website has gained from users there.
It plans to adapt its content and features to suit the varied tastes of the different markets, while retaining the same user interface. The websites for the Malaysian and Philippine markets are slated to be launched within two months.
Founded in 2006 by National University of Singapore computer science graduates Calvin Yew, 31, and Shellen Pan, 29, ShoppingLifestyle is an online magazine aimed at young female professionals. It features exclusive articles on fashion, beauty, relationships and entertainment.
The duo pooled $50,000 of their savings to develop and launch the site, relying on online marketing and freebies and promotions for publicity.
Revenue is mainly generated from advertising sales, especially high-profile marketers such as Procter & Gamble, LVMH and Global Beauty International.
Currently, the website attracts more than 150,000 unique readers each month. In 2009, it reported revenue of $300,000 despite the global economic downturn.
With the overseas venture, the hope is to hit at least one million readers within the next six months.
Managing director Mr Yew is optimistic - confident the site can generate over $1 million within a year, due to the larger revenue potential in overseas markets.
'We are excited by this opportunity to take the ShoppingLifestyle brand out to the rest of the world,' he said.
'We have benefited greatly from starting out locally, because Singapore is one of the best business locations for entrepreneurs. Our immediate focus will be to strengthen the team as well as solidify our position in Singapore and other high-growth markets like Malaysia, the Philippines and the US.'
