|Weekly News Roundup|
|1. Double-digit growth for the optical retail chain: "Our subscription business has thrived in tougher times” – Dagens industri|
The Swedish optical retail chain Synsam registered its fastest growth ever during the first quarter. All in all, sales increased 19 percent. The eyewear subscriptions segment grew even faster: totaling a 27 percent increase in revenue.
"We are constantly working on our cost structure to ensure that we capture the results throughout the entire income statement."
2. Swedish car-sharing service Heap files for bankruptcy – Breakit
The Gothenburg-based company aimed to let you rent your neighbor's car instead of owning one yourself or renting from traditional companies. Their ambitions were significant, and the company wanted to first expand from Gothenburg to Stockholm and then further. However, the platform never really took off, and in this tougher funding climate, their engine has stopped.
“The company, whose car-sharing platform was based on a keyless mobile application, was founded in the spring of 2018. It incurred a loss of approximately 8 million in 2021. At the time of bankruptcy, there were around 100 cars on the platform. Heap had 15,000 users on the platform by the end of last year.”
3. The LEGO subscription service Brick Borrow bags an investment – B1M
Brick Borrow enables anyone to rent LEGO sets from its huge library, build them and then return them again, for a monthly subscription fee. Now B1M, billing itself as the world’s most subscribed-to video channel for construction, invests an undisclosed sum in Brick Borrow and announces a partnership.
“Co-founded in the UK by Tom Zanelli and Cameron Mitchell in 2022, Brick Borrow has seen remarkably strong growth to date. [...] “This is a milestone moment for Brick Borrow. Through our subscription service, we aim to make LEGO® more accessible to everyone, regardless of their financial constraints.”
4. Neeva’s ad-free, subscription-based search engine is shutting down – Neeva
Neeva has announced it’s shutting down, less than two years after publicly launching its $4.95 per month search engine. The company says building a search engine from the ground up was the easy part, relatively speaking. The hard part: Convincing users to try it out.
“Contrary to popular belief, convincing users to pay for a better experience was actually a less difficult problem compared to getting them to try a new search engine in the first place.”
5. Almost 5 million people are using Netflix’s ad tier - The Verge
Recently revealed data suggests that the ad-supported tier of the streaming giant is showing promise, six months following its introduction.
“We should note that monthly active users don’t equate to actual subscriber numbers, and Netflix has remained tight-lipped about how many subscribers the ad tier actually has. The figure was last estimated to be around 1 million back in March following what was believed to be a slow start to the service.”