What do Metamorphic Ventures, Justin Bieber, Eric Schmidt, Ellen DeGeneres, Ryan Seacrest, Baron Davis, Bain Capital Ventures, Google Ventures, CrunchFund, Tom Conrad, Scotter Braun, Brian Lee, Columbia Records, The New York Times, TIME, and New York Magazine all have in common? They are all investors in Stamped.
Stamped, as in stamp of approval, was unveiled today, offering a fun, simple, and useful way to record and share your favorite things. Stamped displays the best of your friends’ “stamps” in a visual and serviceable way, while integrating with third parties such as iTunes, Spotify, Rdio, Fandango, Netflix, Opentable, and Amazon. It takes a transactional media approach by enabling users to download music, buy movie tickets, add movies to their queue, buy books, and even view menus for restaurants.
Why is this important? Stamped plays in an area called local-mobile-social (LoMoSo). This means users with mobile devices that are connected to social networks can interact on a local basis based on their physical location and proximity. Strategically, 92% of consumer spending still happens at brick-and-mortar locations which are inherently local. Stamped bridges online to the physical world: users can stamp their approval where and when worthy and create their own social network of like-minded people. This is important because the local segment and everything related to social media continue to be the fastest growing categories of online advertising. As we say at Metamorphic Ventures, offline is the new online.
The value of someone’s personal crowd is evident: in contrast to the 14% of customers that trust advertisements, 90% of customers trust peer recommendations. Furthermore, there is an ongoing issue in local social media in which more people read reviews than write them. This creates a divide because reviewers generally fall into two categories: the first, who review every place they visit, and the latter, who only post a review when they have an extreme reaction. This begs the question: are these two sets of people systematically different? If so—and the obvious answer is yes—misleading reviews are a detriment to the general public. Stamp solves this issue by limiting the number of stamps new users may give out, gradually issuing more stamps through credit. A friend can give you credit when they thank you for introducing them to something or somewhere you stamped. Stamp’s core concept better organizes, localizes, and transcends social media than current offerings.
In addition to friends, as with Twitter, you can follow celebrities, tastemakers, and influencers…just like those investors who put their stamp on Stamped itself.
Post created with Lewis Gersh by Gavin Pelling, interning with Metamorphic Ventures.