Seattle company meeting needs of Internet- savvy audience
What: Lockerz, based in Seattle Who: Kathy Savitt, 46, CEO Mission: Become the home page for "Generation Z. " Employees: 58 Financials:...
What: Lockerz, based in Seattle
Who: Kathy Savitt, 46, CEO
Mission: Become the home page for "Generation Z."
Financials: The company has two revenue streams: merchandise and advertising. It says it has 17 million registered users in 195 countries, and it expects to be profitable in early 2011.
Catching Z's: Generation Z is defined as those born between 1990 and 2010, designated as the first group to never recall a time without the Internet. Practically, the site's target audience is college age. "This is the first generation that was born with a mouse in their hands," Savitt said. "They don't embrace brands the way others do, but seek out their preferences in each category."
Credit where due: The site provides material in three categories: media, games and social-networking. Cash is accepted, but the site has its own currency, awarding points for certain behavior. Watching a video (with advertising, natch) earns points, which can add up to discounts on merchandise.
Baby-sitting: Savitt hopes Lockerz will meet the media and social needs of today's college generation, but she expects them to move on. She compares the site to MTV, which is quite different today from when it started. "Youth culture has changed and has different needs," she said.
Not my generation: Savitt understands marketing and youth, but the company isn't driven by her own instincts. There is a team of "Member Experience Gurus" on staff, which tries everything from the merchandise being sold to the site itself. "Generation Z is the most disruptive generation since the baby boomers," Savitt said. "I want to have a front-row seat as they take over the world."
— Charles Bermant