Paint Nite - Paint Business

Selasa, 17 Oktober 2017

Paint Nite - Paint Business

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Paint Nite, the global company in the paint and sip industry, is headquartered in Somerville, Massachusetts. Founded in 2012, Paint Nite offers live, nightly painting events accompanied by wine or cocktails. Events are held in local bars and restaurants. Local artists, licensed as Paint Nite hosts, guide guests step-by-step as they create a personalized painting. Events typically last two hours and guests take home their artwork.


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History

Paint Nite was founded in 2012 by Daniel Hermann and Sean McGrail. Daniel Hermann was born in Boston and grew up in Newton, Massachusetts. He started his first business at 21. He still owns this laundry pick-up delivery service, which operates in six states. He attended the University of Wisconsin and Babson College for his MBA.

Sean McGrail attended George Washington University from 1990-1994 where he received a BA in psychology, marketing and fine arts. He previously has worked for PARTNERS+simons and Genzyme Biosurgery.

The idea of Paint Nite occurred to the duo when they attended a birthday party that served beer and wine in a painting studio. They concluded that having painting events in a local bar instead of a studio would reduce overhead costs. Using a licensing model which enabled local artists to work the painting events, Hermann and McGrail founded Paint Nite with $7,000.

Paint Nite has raised $13 million in equity funding. The funding came from Highland Capital Partners. Since 2012, Paint Nite and the paint and sip industry in general have grown rapidly. The company now generates $50 million in annual revenue. In August 2015 the company announced two million tickets sold worldwide.


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Finances and business model

Paint Nite is self-financed. Its customers purchase tickets to the events in advance. The upfront cash can be used to further grow the business and purchase supplies based on sales. Hermann noted this is why the company has grown rapidly.

Paint Nite is based on a licensing model. Licensees and the artists that host the painting events use the Paint Nite brand to run their business. This differs from the franchise model where income and upfront costs are required. The venue that hosts the event generates income from alcohol sales.


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Marketing and advertising

Paint Nite's customer base is 90 percent female, between the ages of 21 and 45. McGrail noted that social media platforms such as Facebook, Twitter and Instagram have been key components in Paint Nite's success. People tagging themselves in social media have accounted for about 35 percent of ticket sales.


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Publicity

In 2014, for Paint Nite's two-year anniversary New England Patriots tight end Rob Gronkowski, also known as "Gronk," attended a Paint Nite event held at Ned Devine's Irish Pub in Boston. Gronkowski's painting was auctioned off for the National Brain Tumor Society.

Paint Nite made its nationwide television debut in September 2014 when cast mates from BRAVO TV's reality show, The Singles Project attended a Paint Nite event.

On July 2015, book author and freelance journalist Joel Stein documented his experience at a Paint Nite event in a feature article written for Bloomberg Businessweek, where Stein gave credit to Paint Nite for "Saving the American Bar".


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Accolades

  • 2016 No. 2 on the Inc. 5000 list of fastest-growing private companies in America
  • 2015 Finalist,, Entrepreneur of the Year, Ernst & Young, May 2015
  • 2015 Best Paint & Sip in Baltimore, CBS Baltimore, February 2015
  • 2014 Best of Philly: "Best Girls' Night Out," Philadelphia Magazine, September 2014
  • 2014 Small Business of the Year Honoree, Boston Chamber of Commerce, April 2014
  • 2013 Best of New York: "Best Friend Date," New York Magazine, July 2013

Source of the article : Wikipedia