Product details

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Subject category: Entrepreneurship
Published by: Harvard Business Publishing
Originally published in: 2019
Version: 9 September 2019
Revision date: 15-Oct-2019
Length: 20 pages
Data source: Published sources

Abstract

Economist and entrepreneur Magnus Resch was on a mission to make the art market more transparent. To that end, in 2014, he began building the Magnus app, which catalogued the price and transaction history of millions of works of art. Users could download the app, take a photo of any flat artwork, and the app would display that piece's price along with other pertinent information. Resch believed that such radical transparency would grow the small, rather insular, network of serious art collectors. By May 2018, the app had garnered strong user engagement, with over 10,000 new downloads per month. But Resch was not yet generating revenue from the Magnus app, which was free for users to download. The case explores Resch's options for monetizing the app, as well as the benefits and drawbacks of each option.
Size:
Start-up
Other setting(s):
2014-2018

About

Abstract

Economist and entrepreneur Magnus Resch was on a mission to make the art market more transparent. To that end, in 2014, he began building the Magnus app, which catalogued the price and transaction history of millions of works of art. Users could download the app, take a photo of any flat artwork, and the app would display that piece's price along with other pertinent information. Resch believed that such radical transparency would grow the small, rather insular, network of serious art collectors. By May 2018, the app had garnered strong user engagement, with over 10,000 new downloads per month. But Resch was not yet generating revenue from the Magnus app, which was free for users to download. The case explores Resch's options for monetizing the app, as well as the benefits and drawbacks of each option.

Settings

Size:
Start-up
Other setting(s):
2014-2018

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