In a look at the profitability of freemium services, The New York Times sat down with Evernote’s chief executive, Phil Libin, to see what makes their business model tick, and in the process, shared an straightforward explanation of what Evernote does.
The company gives away a Web application that saves data you accumulate. You can use it to keep a wide range of information: meeting notes and voice memos, for example, or even photographs of wines consumed or recipes found in magazines. The information is stored on the company’s computers so all the data can be synchronized on every computer the customer uses Ã¢â‚¬” and on smartphones as well.
““It is a universal memory drawer,Ã¢â‚¬Â says Mr. Libin, who has run and sold two other start-ups.
“Universal memory drawer” is probably the most concise yet accurate description I’ve come across for the service. And if you learn anything from this article, it’s that Evernote is definitely a service; the app is just the means to use (and sell) the service. The article closes with a statement from Libin iterating their commitment to remain free. I’ll close this entry by stating, as a newly upgraded user, the premium service is worth the small fee.
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