When the press describes Michelle Phan as a media mogul with a burgeoning beauty empire, they’re not kidding. The 27-year-old YouTube beauty vlogger is expected to rake in an annual $84 million in revenue from her Ipsy subscription service alone.
Founded in 2011, Phan’s Ipsy service currently boasts 700,00 subscribers who pay $10 a month for her Glam Bags. These bags contain luxury makeup samples as well as full-sized beauty products, all curated by Phan or her Ipsy team of stylists. A subscription also gives the customers monthly videos showing them how to use the Glam Bag products. According to Re/code, Ipsy can’t keep up with demand – there’s currently a month-long waiting list to join the service.
Phan described the appeal of her beauty subscription service at Re/code‘s recent Code/Mobile event, saying, “For $10 a month, you can still feel like you’re valued, and you can get something that empowers you to try something new.”
In addition to overseeing Ipsy, the YouTube beauty star has a new book called Make Up: Your Guide to Beauty, Style, and Success–Online and Off and has hit some major media outlets (like Today) on her promotional tour. Phan also launched a new music venture with Cutting Edge Group called Shift Music Group to help feature up-and-coming artists through social media. Plus there’s the beauty guru’s upcoming lifestyle network with Endemol Beyond, where she’ll help prominent voices in various industries (like the very stylish verticals of cooking and video games) become their own power brands.
And remember, all those initiatives are in addition to the projected $84 million in annual revenue from Ipsy. So, now you can see the “media mogul” and “burgeoning beauty empress” descriptors aren’t hyperbole, but totally applicable.