Magnises is a social club that allows its members to access special events and deals by use of its membership card. Billy McFarland founded Magnises when he was 23 years old. His innovative idea targets millenials. These individuals have jobs while those who are not employed have a vision of having a career in future. According to the U.S. Chamber of Commerce Foundation, this group of people was born between 1980 and 2000. They are believed to have a high purchasing power of close to $200 billion.
To become a member of Magnises, one is required to pay an annual fee of $250, which comes with a black membership card that acts as a payment tool to enable individuals to access special services at discounted prices. The membership card copies the information on an individual’s credit cards as provided by their banks.
Billy says that Magnises gives young professionals a chance to meet with other experts and brands. Through interaction with their peers, they are able to undertake various activities and even start their own enterprises.
Billy McFarland posits that since its inception, Magnises has experienced rapid growth with not only peer to peer, but also members to brands. According to Business Insider, Billy McFarland says that members and brands need each other since the former build peer-to-peer connections and the latter is attracted to these networks. Brands play a major role in the growth and financial sustainability of Magnises.
Today, most brands target millenials considering that most of them have disposable income. Magnises has been on a growth trajectory because of the low membership fee and access to various events that members would otherwise not have been able to experience.
Currently, the company operates in Washington DC and New York. Billy is planning to expand Magnises’ services to Chicago and San Francisco. Billy McFarland says that the company has tens of thousands of members and the number has rapidly increased in 2016.
He added that they are targeting to have a membership of a million in the next three years. Some of the benefits that Magnises members enjoy are discounts at bars, clubs and restaurants, and diverse experiences like luxurious getaways and private concerts.