Crafter’s Morgan Spenla on delighting makers with memberships, materials, and a marketplace | E1209

Revenue Streams

Crafter's innovative approach to diversifying revenue streams is a testament to its adaptability and growth. Initially, the company focused solely on a subscription model, offering curated crafting boxes and educational content for $65 a month 1. Over time, they expanded to include a marketplace for past workshops and individual crafting materials, which now accounts for 50% of their revenue 1. Morgan Spenla explains that this evolution was driven by community demand and thoughtful layering of new business models, allowing Crafter to become a comprehensive resource for crafters 2.

We've given each of our new revenue models a year, 18 months, to kind of grow and live on their own.

--- Morgan Spenla

Additionally, Crafter has explored wholesale partnerships and team-building workshops, further diversifying its offerings and reaching new audiences 2.

   

Marketplace

Crafter is evolving its marketplace to integrate artists and offer diverse crafting experiences, positioning itself as a unique platform in the crafting industry. Morgan Spenla envisions a future where Crafter collaborates with platforms like Etsy, allowing users to sell their crafted goods, creating a symbiotic relationship between learning and selling 3. The marketplace aims to connect smaller studios and artists with makers, offering a curated selection of workshops and digital offerings 4.

We can be the broker of bringing the artist and the maker together in an even different way.

--- Morgan Spenla

This approach balances curation with openness, ensuring high-quality content while fostering community growth and innovation 4.