WeAre8

WeAre8, a carbon-negative social media platform and certified B Corporation, enables users of its app to earn money by viewing short video ads and answering questions from brands, which have an average click-through rate of 30%.  In November 2022, the company introduced “Friends Feed,” a feature on its social media app free from ads, algorithms, and filters which allows all users to contribute content to the app (which was previously restricted to verified content creators).

50% of brand spending on ads is distributed to 8Citizens (users on the platform), 5% to a charity of the brand’s choice, and 1% to Ecologi, a carbon reduction company. Users are prompted to view up to two minutes of ads per day on the platform for which users earn between GBP 0.06–0.20 (approximately USD 0.07–0.25) per ad watched. In November 2022, the company launched its Creator Fund, which allowed verified creators on the platform to apply for grants between USD 5,000 and USD 100,000 funded by 5% of WeAre8’s profits. Creators are paid for completing monthly content-based challenges and hosting micro shows on its hate-free social feed, 8Stage. WeAre8 also hosts regular events to enable its creators to collaborate, network, and create new content. 

Key customers and partnerships

In August 2022, the company launched “SAM-I,” a self-serve ad-buying engine on its Eponymous app. Companies subsequently bought USD 1 million of advertising through the engine, with brands such as Nike, Heineken, and Santander using the platform. The company also worked with brands such as eBay, Nestlé, Nando’s, Cadbury, and Budweiser.  

Furthermore, in August 2022, the company announced commercial partnerships with insurance company Suncorp, radio broadcasting company SBS; Unilever brands Dove, Rexona, and Omo; Virgin Australia; wellness brand Nature’s Own; supermarket retailer Coles; and telecommunications company Telstra for the launch of its app in Australia, alongside its ten impact partners. Impact partners included non-profit organizations aligned with the United Nations Sustainable Development Goals. 

Other partnerships include those with multiple high-profile Australian changemakers (for its marketing campaign in September 2022), integrated agency network Dentsu UK & Ireland (to improve Dentsu’s media results through the company’s ad buying engine in February 2022), financial services company STASH (enabling creators to receive stock as part of their brand sponsorships in December 2019).

Funding and financials

In May 2022 , the company launched a crowdfunding campaign on Crowdcube using part of its Series B funding, enabling users to own shares in WeAre8. The fresh funds were expected to be used for customer acquisition, especially in the US, with plans to reach 80 million users on the app by the end of 2022. Previously, in March 2022 , WeAre8 raised USD 15 million in a Series B funding led by Channel 4 and Centerstone Capital.

Competitors : None (The product offering is unique. WeAre8 offers a platform for earning revenue through viewing short ads and answering brand related questions).