Let’s start with an overview of the company's mission statement. What does Good Life Plus do?
So, in terms of the mission, it's quite simple: to excite, entertain and enrich the lives of millions of UK households. The product itself is an entertainment-focused subscription. It starts at £11.99 ($15.23) a month. It goes up to £29.99 a month and that gives members the opportunity to win prizes every single day. These range from £1,000 cash all the way up to the likes of an Aston Martin, which is soon to be released. But much more than that, the members then get access to all these amazing rewards as well. Depending on what membership tier you're on, you'll get hundreds of discounts and deals – the likes of Zizi's, Domino's, Pizza Hut, Hello Fresh, Beer 52 and more.
Then you'll also get free online movies, free cinema tickets – and there are tonnes more partners we're speaking to at the moment who will be included for membership in the future. You can go onto the website, watch our live streams every night at 7pm, speak to the presenters, watch them choose the winner, call the winners up. We're very forward with the content we deliver, and by being that way, we've got quite a substantial social media following already.
So, the idea is that the value from the membership massively outweighs the low-cost monthly fee. On top of that, you also still have that chance to win big, life-changing prizes, and it's very interactive.
It's quite a unique concept; where did the idea for a reward-based, prize-draw subscription come from?
Well, as I said, it's now very much an entertainment product. We were initially looking at the likes of the Postcode Lottery and National Lottery, and we just thought it was very outdated. You go into the store, you buy a lottery ticket, you play for that feeling of ‘what if I win? What if I win the big prize?’ But 99.9% of the time, you don't win anything. So, we thought we could provide something that's far more forward thinking and actually offers value back to the customer: even if they don't win the big prize, they're still a winner with Good Life Plus. That's exactly what we've done and, the bigger our membership base gets, the more leverage we have to go out and strike deals with other brands and say, ‘look, we've got all these amazing members. Can you offer them something?’
I think a lot of these brands want to get the customers through the door, so they're willing to offer amazing rewards at discounted prices to our members. So, there's that option to win big, which you get from a traditional kind of gaming or lottery product, but then also all the value you'd get from a rewards product combined into one.
As you mentioned at the start there, you describe yourself a lot more as an entertainment-based business. How do you think Good Life Plus fits in with the gambling industry?
I think it's really interesting, because we're not a gambling product. But there is clearly an overlap, the people who are playing Good Life, they want the smaller rewards – yet they also want to win. So, there's an overlap there between us and a typical lottery product. What I've noticed is a lot of the biggest gaming companies are now positioning themselves as entertainment companies. The beauty of Good Life is we are genuinely an entertainment product. You sign up, you get the opportunity to get 50% off all the best takeaways and restaurants in the UK, cinema tickets, online movies and the list will continue to grow.
So, we don't have to force it. We are genuinely an entertainment product – but there is a massive overlap between our audience. And I think long term, if you look at the companies within those bigger groups, whether its Flutter or Entain, there aren't any membership based B2C businesses there. So, as time goes on and we're continuing with the explosive growth, I think we will become a very interesting proposition.
You recently appointed a new Chairman in David Cravens. I wanted to ask what you're hoping that his experience, especially as CEO of Allwyn, will bring for Good Life Plus?
We're very excited. I think his experience speaks for itself, to become the CEO of Allwyn and to win the National Lottery licence, which had been with Camelot for 30 years. Most people said it couldn't be done, and they went and did it from being relatively unknown in the UK. It's massive. I think it probably shows the sort of character he is in his execution; I think he's going to add massive value. He loves the space. He knows it inside out. He knows gaming. He knows entertainment. As soon as he spoke to us and understood the product, the vision, he was sold. He wanted to be involved. It's a big win for us, for sure, and we're excited to have him on board.
We thought we could provide something that's far more forward thinking and actually offers value back to the customer: even if they don't win the big prize, they're still a winner with Good Life Plus
Especially with regards to your December IPO – how much of an impact have your investors had on the general development of the business over the last 12 months?
The likes of Victor Chandler – BetVictor, Mark Blanford – Sportingbet – they're names that speak for themselves, big hitters in the gaming space. Victor's been with us since we had 3,000 subscribers, so he really understood the vision early on. He's been absolutely invaluable. He's obviously scaled BetVictor into a juggernaut before exiting that position. Mark's been with us since December, and he made a significant investment. He then followed up with our team in February, and really saw the operational expertise we had and the progress we had already made.
He followed up with an additional, even more significant investment. So I think that is a very good signal to the wider market. You know, these are big hitters. They know the gaming space inside out, and they're they really are backing us. We're very excited to have them on board, and I think the impact is going to be huge.
You're the first social media prize draw business to go public. I wanted to ask how you're reflecting on the move thus far and what do you hope it will bring for the rest of the year?
We're loving it, to be honest with you. We are growing very quickly, which helps, because it always feels good when you're growing at pace. We've taken to it well and we think it's a big thing for us. Ten years ago, I think there would have been a lack of trust in consumers. Are we actually going to win the prizes? I think it’s becoming a more mature space now, the prize draw part of the business. And I think by listing the business it shows we're transparent, we're audited, we've got excellent corporate governance.
These are all very important things for our investors and our consumers as well. It's a big tick in terms of trust and security in the business. Over the next 24 months, if we continue to grow at the rate we are, once our numbers are released, we feel strongly that we're going to be one of the big success stories in the UK stock market over the next two years.
As I said, I think we're unique in the sense that there aren't many businesses out there in the gaming space that are membership-based. I think it's a very exciting time for the business.
So, final question. What is it that you think that sets Good Life Plus apart from the competition?
A few things. First of all, as I touched upon, the incredible team we have behind us, whether that's the investors or the advisors. We've got David Ivy, who founded Dotdigital – one of the massive success stories on AIM over the last 20 years. John Gordon, who's the CEO of Incentive Games – the global free-to-play gaming software provider. Then, on top of that, when you look at the product itself, we aren't trying to be a gambling product per sé – we're trying to be an entertainment product, and that makes us quite unique in comparison to people who would be classed as competitors.
We aren't trying to hide our free giveaways. We actively promote them. We actively promote the opportunity to enter for free – and once those customers have entered for free, they then look at the paid membership and say, ‘do you know what? There's so much value in the paid membership. Why wouldn't I just sign up?’ That allows us to grow our database at an extraordinary pace, which is what's happening right now.
