Lucas Buick, HipstamaticLucas Buick, Hipstamatic
A Profitable Instagram Rival? Hipstamatic Hipstamatic mobile app didn't hit the $1 billion Facebook payday this week, but it has had a profitable business model for years. Before Instagram ever existed, Hipstamatic brought retro digital photos to the masses. The Hipstamatic iPhone app, which lets users choose retro filters for photos, has been wildly popular since it launched in 2009. It now boasts 4 million users and is used by high-profile photographers, including award-winning New York Times-photographer Damon Winter. The app won Apple's App of the Year in 2010 and has gotten rave reviews from the tech community. So why, one might wonder, did Facebook pay $1 billion to buy Instagram rather than, say, Hipstamatic? While Instagram has focused on social sharing and rapidly grown its subscriber base to more than 30 million, Hipstamatic has taken a different tack. Hipstamatic is a paid photo app. Thanks to a $1.99 download fee, and options to buy premium lenses and filters within the app, it has been profitable since its second week in operation. It reportedly raked in $10 million in revenue last year. Today, it's also one of the only mobile apps outside of games to make a significant profit from in-app sales. Founders Lucas Buick and Ryan Dorshorst position Hipstamatic as a digital photography tool that perhaps might take over a traditional photo concern like Kodak. The Hipstamatic story begins in early 2009, when the two were the owners of a flailing design studio. Over
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