From Gradual to Exponential Growth: 5 lessons from Ultimate Guitar
By Mikhail Trutnev, Chief Operating Officer at Ultimate Guitar
Ultimate Guitar app has been on the Google Play Store for 8 years already. Being one of the most popular applications in the music category, the major metrics sustained on a good level so, naturally, we had a sustainable growth.
Everything changed for us in 2018
After 7 years of stable work (nothing terrible, but nothing good either) we switched to the exponential growth. As a result in the year 2018 alone, we: - Increased MAU by 300% - Doubled the user lifetime value - Increased revenue by 50% and according to the forecast will take this number up to 120% in 2019
In our session, we want not only to cover the decisions that led us to where we are now (setting 90% of our catalog free, switching from paid to the freemium business model, focusing on yearly subscriptions, searching for the best moment to offer premium subscriptions, exploring alternative ways to use the app, etc.), but also to talk about the rules that helped us make these decisions.
We are going to present 5 lessons we learned from this journey
Don't chicken out!
Aim for the impossible. The ordinary can be done by others
Don't work with people you don't want to hug
Fanatic discipline (ex. Get results every day)
Productive paranoia (ex. Ask Google team for help)