Foap splits the revenue on a 50/ 50 basis with the photographer, and each photo is licensed for $10, as a campaign price, so you can earn $5 each when a company buys it. The money can be easily cashed out through the app, via PayPal integration.
However, not all images are approved. The reason could be that the image is too small, blurry, uses heavy Instagram filters or is poorly composed. In other words, users need to snap great photos.
"In the end, it's about accepting photos that will sell. We want to attract the best Iphoneographers and those who are passionate about photography rather then everyone," says David Los, Co-founder of Foap.
"Foap is also aiming to create a platform of where companies can post creative photo missions that the users can take on. The company has already partnered up with some photo buying companies that really see the value in Foap. The latest partner is Ferratum, a micro loan company which is constantly looking for photos that illustrates unexpected bills and expenses."
"We have seen a huge interest from companies that are looking for special genres of photos that they can't find elsewhere. Where do you for instance find a photo of three twins eating ice cream, in a fast and easy way? We have also learned it's very popular among our users so it's definitely a feature that we will work more on," says David Los.
The company has raised around $230K up to this date, and is looking to raise a second round within the next two months. The app launched in the Scandinavian AppStores on May 15, and has already signed up thousands of registered users who have uploaded tens of thousands of photos. The company has sold credits worth thousands of photos, but will start the real marketing today in order to put fire on the sales.
Foap on Twitter: @foapApp
Foap on Facebook: facebook.com/foapapp
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