Billy McFarland has good reason to be rejoicing as his newest business startup, Magnises has taken off in a huge way. Formed in 2013, the unique business model has become the hit of the millennials in New York City.
Designed to be a venue for millennials who can mingle, socialize, and mix business with pleasure, the basis for the workability of the venture is to offer very attractive discounts and perks. For a very reasonable annual fee of $250, members can get the discounts at their favorite clubs, bars, restaurants, shows, concerts, travel venues, and many other special events.
It all happens through the Magnises Black Card, which copies the information from the member’s credit or debit cards onto the magnetic strip. The Black Card then pays the bill and applies the discounts automatically.
Magnises has been a sensation right from the beginning, and now it is a state of privilege to own a black card. Members insist that their contemporaries must have the card, and it has become a self-driven moment, for sure. The target demographic is the entrepreneurs, managers, professionals, garment industry movers and shakers, and other similar types, between the ages of 21 and 35.
By the end of 2015 Magnises had well over 10,000 members, and the club is still growing. Millennials simply love to get together and talk shop, brag on each other and themselves, and make business contacts. The Black Card is a good reason to help facilitate all of the vigorous activity.
According to Crunchbase, Billy McFarland has expansion on his mind, particularly due to a recent venture capitalist’s $3 million investment in Magnises. The Boston, Chicago, Atlanta, Los Angeles and London markets are full of millennials too. These folks have heard of Magnises and are anxiously awaiting the introduction of the concept in their cities.
The business model works well, and McFarland claims that the success in other cities will work as well and New York City. Millennials tend to live and work in urban areas, near the financial districts. It is the mere matter of good management who will be able to duplicate the model that is operating in New York.
The future looks bright and surely expansion will bring great rewards, as McFarland puts his plan into action.