Empire Avenue – The Social Stock Market
Empire Avenue was conceived in the US in early 2010 and works as a virtual stock market based on the online social activity of subscribers. Essentially Empire Avenue is a game where each user takes on the persona of a company in a specific (which is a specified area of personal interest). The objective is to grow your share price and become a leader in your industry.
Already Empire Avenue has established a pretty robust fan base with users in almost 200 countries. Last month the also secured further venture capital which will go towards expanding their platform and employee base to enable a more aggressive expansion in late 2011 and beyond.
It’s early days, but this different slant on social media could have a huge impact on the perceived value of social interaction – which will help businesses determine where the value is in their own particular industries. Major brands have been quick to embrace the concept with Dell, Toyota and Swatch already involved.
How does Empire Avenue work?
The Social Stock Market works by participants investing their virtual currency (known as Eaves) in the profiles of other Empire Avenue users. Share prices rise or fall based on the level of social interaction from the virtual company and also on the level of investment from other users – similar to how stock market valuations fluctuate.
Socially active members of Empire Avenue earn Eaves just for being socially active, which they can then invest in other Empire Avenue users. They also earn Eaves if someone they invested in is socially active – a sort of share dividend.
The social share price is aggregated from activity on Facebook, Twitter, YouTube, LinkedIn, RSS feeds and other social platforms and there is the opportunity to earn real dollars from this virtual stock market through advertising – exactly how this works at this stage, we’re not sure, but we will take a closer look as Empire Avenue becomes more of a force.
In essence, Empire Avenue is an add-on to an existing social media strategy – it’s not a quick-fix social media solution and requires active engagement in social media, ideally on more than one platform.
What does Empire Avenue mean for Australian businesses?
At the moment, Empire Avenue isn’t a big deal in Australia and it’s likely to be a while before it takes hold. However like any other social media platform, early adoption represents a head start opportunity. Getting involved and getting socially active through other platforms like Facebook, Twitter, Google+ and YouTube will allow you to build a social value or ‘share price’, which can attract the attention of other like-minded businesses and increase your visibility to your target market.
Businesses can offer real-life rewards thorough Empire Avenue and there are both paid and free options for businesses looking to use it as an advertising or promotional tool, so visit www.empireavenue.com for more details.
Before rushing into Empire Avenue or Twitter or Facebook or any social platform, it’s important to devise a strategy – a road map for what you would like to achieve through your social presence. Is it more website traffic you are after? Or perhaps brand recognition? Or both?
Determining an end objective will largely determine what social platforms you use to achieve that goal. For assistance, call roi.com.au on 1300 650 274 today!