Pimm: That can grow into a multi billion dollar property well my next guest may at least have a winning concept. A social network built on revenue sharing and referrals. Darin Myman is the chief executive of PeopleString.
Darin: Great to be here.
Pimm: What is this People...PeopleString and how does this work?.. it is described as being almost like a portal, one place where you can do all of your social media experience.
Darin: Alright PeopleString is a ... deal with quickly could see what is going on in other favorite sites and then we do something very differently that no one else is we see is doing out there is we are sharing our revenue out there with people allowing people to string together to tell people to become a financial portal as well you know harnessing their buying power on the web.
Pimm: So what would be an example of something like this if you have a Twitter account or a Facebook account and maybe you have an email that comes from Google.
Darin: Like different content Like to see our news and financial data come again we have something called an Insta-portal which is a propietory technology to PeopleString it allows you to grab the exact slices of pieces of websites out of your favorites and put it on you're own homepage and they updates every few minutes like watching ten TV's at once so you can see what is going on, preview the page and then go out to see it.
Pimm: It is like having a personal dash board to the internet.
Darin: Exactly...it is perfect way to put it.
Pimm: So how do you actually get paid..is it an incentive to get other people to sign up to use PeopleString. How do they continually get paid.
Darin: It is funny that we are very valuable to everyone, the consumer everyone...everyone is trying to reach us and there is all these people that make alot of money trying to reach us well here we are.
Pimm: "Us" meaning the consumer.
Darin: the consumer, the web user when ad show when you try a new game or Facebook app you know there are companies that make a ton of money off us... what we do ...hey you know while you're are here anything you want to know about us, we can tell you why not deal with us direct. I'll tell my friends about it when I tell them. it is free to join Peoplestring but you know a little something for passing it along...why should we pass on all these great deals and offers for companies for just them to profit when PeopleString is stringing people together getting paid for doing what you do anyway.
Pimm: so do the people enter their personal information in PeopleString that would then be transmitted to the advertiser?
Darin: What you do is when you join PeopleString ... is almost no personal information to sign up. They may take surveys and target yourself and as ads normally would appear as on your own websites and going places, you are sharing in the revenue you help generating so it doesn't change youre web experience except you gain this cool technology bringing everything together making it easier for you and that is where the ad revenue is generated from.
Pimm: So how do they revenue...do you send people a check? or do they get a credit, or do we get or is there a coupon, so how does this work.?
Darin: We collect the money you have an account when you get $25 we send it out. Last year we paid out over a million dollars actually paid out to our members.
Pimm: Now is this because you are willing to take less of a cut it seems as though the advertiser. If they are going to pay for the clicks that people make when they go to a particular site they don't necessarily care. They are ..are going to pay one rate whether it is PeopleString, Facebook or somebody else based on some kind of demographic of so many impressions or is it because you have a lower cost model that allows you them to transfer some of this revenue to the user?
Darin: Well you think of it...we are very efficient, we don't have to spend money on marketing. we..are members who are marketing bringing in new members. We are sharing that revenue you know it is very high margin business. for us..we are running servers people out telling People when something is new is out there. Think where this can go? ...bringing all these people together. It is super bowl Sunday coming up this weekend right?. People are going to parties or having a party for themselves. Can you imagine the power in abit down the road if everyone aggregates the buying power together. Say hey we need chips this weekend..
Pimm:They'll be alot of them..Alright I am going to thank you very much Darin Myman the Chief Executive Officer of PeopleString. ...Well look you up online sometime.