Danish start-up Wedio originally focused on building a marketplace for renting film equipment in Denmark and other European markets. The company is now debuting what it is calling the world’s first camera subscription.
Daniel Sand, Co-founder of Wedio, said: “By combining our current rental platform with a gear subscription, film producers will now have access to the newest gear for a fixed monthly fee. And by renting out the gear to other members when they are not using it themselves, they are now able to finance the gear itself. We think that is pretty smart.”
The company’s website suggests that a user only has to rent out the equipment to others for two to five days per month to cover the subscription. Sand adds that Wedio can best be described as the ‘Airbnb for pro film and photo equipment’, and that this market is uniquely suited for this model.
“Gear is ‘need to have,’ instead of ‘nice to have,’ and can easily cost over €20,000 to buy,” he added. “Right now, smaller production companies and freelancers are compromising on the quality of their productions, because they can’t afford to buy the right gear.”
Previously, creators had the option of contacting the big rental companies, but that could easily be too expensive for their budget, and if they tried to rent gear from their network, there was no insurance to cover damages.
“By gathering the local gear on a single platform, we have seen decreases in rental price of over 40 per cent, and because we have an insurance that covers all rentals, our members can feel safe when renting through our platform,” he said. “Whether you are a freelancer or an employee in a marketing department you are going to be looking for cheaper alternatives to make your production happen – and this is where marketplaces like Wedio will win out.”