We built the CloudPet product line leveraging Bluetooth Low Energy technology, and partnered with a toy company to launch the brand. We collect initial revenue from the purchase of each physical toy, and then continue to monetize through the sale of complementary apps and content to those same customers in the digital space. – CloudPet CEO Mark Meyers
Are you trying to find that hot “it” item before Christmas for your child?
Spiral Toys, Inc., may have you covered. The company makes CloudPet, an electronic toy that could become the next “must-have” item for your children in the not-so-distant future.
CloudPet is a stuffed toy that allows users to send messages to anyone through an online app. The toy receives and plays back the audio message, and the user can reply with a message through the stuffed animal as well.
CloudPets owners can choose between a dog, cat, teddy bear and rabbit. The apps used by these toys are available on both the Android and Apple platforms, covering most mobile devices.
President and CEO Mark Meyers is the founder of Spiral Toys, Inc. His experience comes as a former executive officer at both Sony and Disney, giving him a great insight into how to continue to grow the company.
Spiral Toys, Inc., monetizes the CloudPets through different revenue streams. In a recent interview at equities.com, Meyers said “we built the CloudPet product line leveraging Bluetooth Low Energy technology, and partnered with a toy company to launch the brand. We collect initial revenue from the purchase of each physical toy, and then continue to monetize through the sale of complementary apps and content to those same customers in the digital space.”
Current estimates for revenue from CloudPets range between $6 – $8 million dollars by the end of this year. To reach these figures, the company has created an advertising campaign to lure new sales in the final quarters of 2015. As well, they have worked with large retailers to have these items in stores by Christmas.
CloudPets are targeting two large sectors of business in the US. First, toys and like products produce over $20 billion annually in sales. Second, the app sector is growing fast, and revenue within this sector could exceed $25 billion by the end of 2015. Some estimates have app revenue growing into the triple figures by the end of this decade.
Featured image source – SpiralToys
