Movement Ivory (2014)
Most people are crazy about their pets and want nothing but the best for them. The pet food and accessories industries know this all too well and keep rolling out new products so owners can spoil their little darlings. The pet accessories market alone is expected to double in the next ten years—from roughly 20 billion (2022) to 40 billion (2031).
But the margins are thin, especially for retailers. Two to four percent is the norm. By comparison, the net margin of a moderately successful music label is on average at 15 percent. These slim margins in the pet market ultimately led to one of the most notable bankruptcies of the dot-com bubble. Although everything actually started quite well…
On 21 November, 1994, Greg McLemore registered the Pets.com domain. The website launched in November 1998, with Amazon.com acquiring a 54% stake in its first funding round. Pets.com gained widespread attention through a high-profile marketing campaign, including a Super Bowl ad in 2000. Its sock puppet mascot was featured in People magazine and appeared on Good Morning America.
Despite strong brand recognition, Pets.com struggled. The dot-com frenzy blinded everyone to Pets.com’s lack of a solid business plan. In their rush to acquire customers, the company was losing money on nearly every sale, pricing products at about a third of their cost. On top of that, the shipping costs for bulky and heavy items like cat litter and pet food cans further strained their finances. And so the company was finished after just two years.
Such fast starters, who overtake everyone and everything for a short time and then disappear into the dustbin of history, also exist in the music industry. A prime example is the Australian trio Movement. Before they even released an album, they played as support acts for 2010s greats such as Banks, Darkside, Klaxons and Solange. All that remains ten years later, in our humble opinion, is the single “Ivory”—a darkly beautiful electro soul stomper with whispery-to-fervent vocals and a Prince-like guitar solo finale.
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