uh yeah, this is the wild west.
but MPPC is......
MyPhotopipe.com, Inc. (MPPC.PK) is an online photo print processing lab that serves the needs of serious amateur and professional photographers nationwide. Substantially all of our revenues are derived from business transacted at www.myPhotopipe.com.
The service in its present form was launched in 2006. Revenues have grown from $300,000 to $1.8 million in CY2008. MyPhotopipe.com targets professionals and prosumers, not consumers. Why is this important? Consumer spending on photographic prints is hotly contested and centers on the traditional 4x6 snapshot print. The average consumer web site, such as Shutterfly or Snapfish, generates more than 70% of their print revenues from a 4x6. Deep discounts, which erode margins, are the primary marketing tools in the consumer space. Because we do not market to consumers and focus on the professional segment, a 4x6 represents less than 12% of our sales. Our client base of professional photographers has grown from less than 2,000 customers in 2005 to more than 25,000 in August of 2009. Our customers include many discerning, high?profile customers such as the Dallas Cowboys, Rosetta Stone, the NY Giants, the Atlanta Braves, New Hampshire Motor Speedway, the Tampa Bay Buccaneers, Getty Images, the Department of Homeland Security, the Tennessee Titans, Tyler Perry Films, TNT, CNN, and the University of Pennsylvania.
The company competes with several online providers in the pro space, in which we have a significant advantage due to a deep product mix (over 2000 combinations of print sizes across six paper surfaces, custom framing, retouching, holiday cards, etc.) and pricing structure. Several key accounts have been won with a tried and tested formula of pricing, quality, and service. Our approach of looking at the business from the view of a web?marketer, expanding our reach to customers, is a key advantage. Most of our competitors see online marketing as a side endeavor to enhance existing business, whereas we see it as the main driver of our business. A final factor that drives our growth is the steady decline of brick and mortar photographic print labs that rely so heavily on film processing and higher prices that they cannot survive in the competitive online realm.
Over the last two years, myPhotopipe.com has made many advances in the areas of production efficiency through the leveraging of technology in the design and creation of a photographic print, as well as through the creation of proprietary software designed to track order flow. Additionally, the Company has successfully moved the myPhotopipe.com brand further into the realm of the professional photographer by enhancing successful marketing efforts and initiating outbound sales activities with professional teams and corporations. Along with these efforts the management team of myPhotopipe.com has been expanded and previous voids have been filled with experienced, well known, industry professionals. Going forward, the new team will be focusing on the enhancement of online tools, corporate partnerships, maximization of lab efficiency and the rollout of a wholesale offering. It is these efforts that will serve as the launching pad to the future.
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