We've launched a podcast: The Summit by Fearless Adventures! 🏔
The Summit with Steve Oliver, Co-Founder of musicMagpie
Steve built a re-commerce empire by helping people declutter their homes of unwanted CDs, DVDs, Games and Books.
You can watch the episode in full below.
In this podcast, David, Dom and Steve discuss the origins of musicMagpie, its continued success and Steve's personal summit.
Key information from the podcast
- Steve began his journey as Finance Director at Music Zone, and applied everything he learned during his experience there when starting musicMagpie.
- musicMagpie launched in 2007 when there were a lot of parallels to the problems society faces now, for example, the cost of living crisis and a looming recession.
- Martin Lewis was the catalyst for musicMagpie’s success, mentioning them in his newsletter and speaking about them on TV. The success spawned from this event showed the counter-cyclical model of giving cash to consumers for their old stuff and letting consumers buy as-good-as-new products at a fraction of the price worked.
- In 2015, musicMagpie received investment that allowed them to pay consumers as soon as they sold their products - a threshold moment that accelerated their growth.
- musicMagpie has been a recycling business for the last 15 years, but only due to a change in consumer and societal behaviour has it become more important to consumers.
- Steve went through the IPO process and offers his advice. Through the IPO musicMagpie was able to access capital for additional growth strategies including the kiosks and a rental offering. This has set them on their way to becoming a £1 Billion market cap business.