When Billy McFarland, CEO of Magnises decided to create a concept that appealed strictly to millennials, he struck a chord that resonated almost instantly. The music of success is the result of an idea that is caught by the consumer and embraced as being the answer to desires for a large group of people.
The concept of offering serious discounts to millennials to shows, clubs, restaurants, bars, events and travel opportunities is the crux of the Black Card, offered by Magnises. Directed specifically to young professionals, business owners, and entrepreneurs, the Black Card has become the necessary accessory to everything they do in the way of entertainment.
An annual fee of $250 is required, but there are no initiation fees, limits or restrictions, as millennials use it for all they do for the relaxation and entertainment realm. The way the card works is to transfer information from their regular cards onto the Black Card. Then Magnises Black Card is used for purposes of discounted dining, travel, special concerts and events and any other leisure venue that is a sponsor. A mobile app comes with the membership, making it convenient to instantly locate and utilize.
At the end of 2015, there were over 10,000 members of Magnises. Up to this point, the card is available in New York City and Washington DC. Plans are in the works for expansion to Los Angeles, Chicago, Atlanta, Boston, and London. The major metro areas are where the target group of working professionals and entrepreneurs live.
Read more: An invite-only black card for millennials
The demographic of these individuals who are from age 21 to 35 who are primarily in the finance, fashion, and tech industries. These are the prime candidates for the card, and they are anxious to join. McFarland says that prospective members on Instagram must fill out an application online and then be approved before joining.
With $3 million of venture capital that was recently acquired, Magnises is on the way to further expansion. The market is certainly there and all it will take is getting to where the market exists in other major metro areas. Since the magic is in the local environment, it is simply a matter of getting competent management to those centers. That is exactly what McFarland intends to do.
Another objective of Magnises is to become the social and professional link for people who work in fields that are totally different from one another. We live in the age of networking and this is how ideas and concepts are shared for the good of all. This sort of viral relationship structure is how business is shared and new business and financial alliances are formed.
Millennials know this and are anxious as a group to be identified and known in these circles. Although this format seems to be informal at first glance, there are rules of engagement to be followed and Magnises creates a platform for it to happen naturally.
The business model works and works well. McFarland is intent upon just keeping the machine well-oiled as the future looks bright indeed. See: https://www.crunchbase.com/organization/magnises#/entity