Armenian unicorn PicsArt has helped 1 billion people look better in their pics
Lessons on how to become a unicorn. From one of Armenia's finest exports – PicsArt
PicsArt has evolved from a small dev team in Yerevan to a $1.5 billion business
Trimming your waistline can be as cheap as $4.66 a month
Every eighth person on the plant has already downloaded PicsArt
In August of 2021, PicsArt, an Armenian startup currently based in San Francisco and Yerevan, announced that it had closed its fundraising round with a $130 million gain. Most of the money came from SoftBank’s Vision Fund 2. With an estimated valuation of $1.5 billion, the startup became Armenia’s first ever unicorn.
PicsArt is a technology company that develops the Picsart suite of online photo and video editing applications, with a social creative community. The platform allows users to take and edit pictures and videos, draw with layers, and share the images on Picsart and other social networks. It’s one of the most popular applications globally, over 1 billion downloads. But how did it become so successful?
Used by consumers and professionals alike
The mobile and desktop tools are employed by professionals as well as editing novices. The intuitive and dynamic design of the platform allows users to easily explore the full range of possibilities offered by the service without becoming overwhelmed. During the years, the app has gone from a mere photo enhancing app to a full-blown editing app, along with video editing features, and the means to create digital art, even for amateurs.
Moreover, it offers both free and paid services – becoming a tailored option to individual users who just want to tinker with unpleasant watermarks. PicsArt also benefits small business owners who’ve used Covid as an excuse to launch their products in the online marketplace – and design professionals.
Subscription-based business model
One of the trickiest questions facing new founders is the pricing strategy for their service. Subscriptions have become one of the most luring options, as they do not require a string of small payments and in-app purchases. PicsArt automatically deducts a set amount of money every month from the user’s account. Built on a freemium business model, it offers basic tools for free and a more powerful version for $4.66 a month. The app includes ads, but it refrains from collecting user data for targeting or retargeting.
Compatible with trends
One of the key reasons behind the success of PicsArt is the app’s compatibility with current social media and digital commerce trends. Picsart has come up with AI tools to enable users to edit multimedia files in a snap, as seamlessly as applying a filter on the Instagram app. Artists and amateurs alike use Picsart to touch-up and stylise posts for TikTok, Instagram, Snap, YouTube and Facebook. With a few swipes you can change lighting and add splashes of colour, meme-friendly stickers and animation. You can also remove visual defects or even cut a few centimetres off your waistline.
