In just two years, a young startup grew an impressive 4,900% and achieved $18 million in revenue by selling personalized children’s books.
Hooray Studios, a young startup company that produces personalized children’s books, has released some preliminary figures from its forthcoming business review for 2018. The company achieved 400% growth in comparison to its previous year, resulting in $15 million in revenue. In comparison to its performance in 2016, the company’s revenue grew by an impressive 4,900% and it added 94 members to its original team of 6 employees. The team continues to grow and the company is scouting for new employees daily. Although the company received an angel investment of $260,000 in 2017, it has yet to spend a single dollar of it.
The company was founded in 2013 by two young Slovenian entrepreneurs-to-be, who by coincidence came up with the idea of creating personalized books for children. Both had just become uncles and simply wanted to give their nieces useful and unforgettable gifts. A book in which the girls could play the main role seemed like the perfect idea. With a few hundred dollars of private savings, the first books were created with local authors and illustrators and quickly garnered considerable interest. The feedback they got from parents and children made them believe there could be a bigger story behind the idea.
A year later, in 2014, the company tried its luck at expanding internationally, blindly expecting that its assumptions about markets were correct – and failed. The owners took that experience as a priceless lesson and started building their business model from scratch. For the first time, they truly analyzed their product until they had a complete breakdown: what the cost of each process is that needs to be done to reach the final product, how much profit is made and how much money can be further invested. That was a turning point for the company.
In 2016 Hooray Studios started its expansion to foreign markets again and in 2017 received an angel investment of $260,000 from a Swiss investment company in exchange for a minority stake in the company. Today, Hooray Studios is present in 6 countries, including the USA, and sold 500,000 books in the past year. Interestingly enough, it never used a single dollar from that investment.
“We accepted that financing as proof that someone believes in us and are keeping it as a backup. It is always nice to feel a little bit of safety when you play for such high stakes, as we do,” explains Rado Daradan, co-owner and CEO, and continues: “We believe that the magic behind our company is our team of people that believes in creating miracles on one side and our business strategy on the other. Every single dollar from each book sold is reinvested in developing our market presence, new products and our employees.”
The main breakthrough in the past year and the biggest reason for such rapid expansion was the company’s product development. The release of two new books and cooperation with leading authors and illustrators, such as Adam Wallace, a three-time NY Times award-winning author, have positioned Hooray Studios as a competitive player in each market, even as a leader in a few of them.
“Our highest bet in our current marketing strategy is in social media and believing that our customers are one of our biggest assets. We listen to them, we engage with them and take their feedback very seriously. The most common and most reasonable suggestions for product improvement are always considered and also implemented. We are very flexible in everything we do,” explained co-owner and marketing and creative director Mic Melansek.
Hooray Studios’ plans for the future will focus on expanding to new markets and developing new products. “Our doors are always open to new opportunities and people that share our vision and enthusiasm,” agreed both owners. Already working with a few new, distinguished authors and illustrators, they plan to release a couple of new books in 2019 and become the leading publisher of personalized books in Central and Western Europe and North America by 2020.
About Hooray Studios, Inc.:Hooray Studios is a magical place where personalized children’s books are created under the supervision of heroes managing the following international brands:
Hooray Heroes: https://hoorayheroes.com/
Hurra Helden: https://hurrahelden.de, https://hurrahelden.at/
Urrà Eroi: https://urraeroi.it/
Hourra Héros: https://hourraheros.fr/
Mali junaki: https://malijunaki.si/
Our unique, artistically creative and beautifully illustrated personalized children’s books give children the chance to become the heroes of their own stories. We paint smiles on children’s faces and move moms to tears on a daily basis.
SOURCE Hooray Heroes