After Creativebug CEO Ursula Morgan took the helm at the popular subscription-based website that features art and craft instructional videos, she recommended some bold moves including dropping the monthly subscription rate from $10 to $4.95 and donating 5 percent of revenue to charities that encourage creativity.
While it sounds risky to reduce revenue in the hope of gaining a greater market share, the strategy seems to be working well for the company that grew 10 times its size in less than a year with its online library of more than 600 online art and craft video courses taught by 100 artists. Tune in to this week’s podcast to learn more about Creativebug and the savvy businesswoman who shifted her career from magazine publishing to lead the charge to make the Creativebug profitable by the end of 2016.
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