ShareGrid Acquires BorrowFox in Plan to Expand to United Kingdom
The U.S.-based ShareGrid will absorb the peer-to-peer equipment sharing company BorrowFox, and expand ShareGrid into the UK in 2020.
In many ways, peer-to-peer marketplace companies have revolutionized a stale equipment industry that was largely based on buying and selling rather than renting, borrowing, or sharing.
The U.S.-based company ShareGrid is one of the world’s leaders in marketplace sharing, buying, and selling film and photography equipment. The company quickly established itself as a solid option for filmmakers to make money off of their video (and photo) equipment that would otherwise be sitting dormant between projects.
The U.K.-based BorrowFox operated in a similar peer-to-peer model and is one of the most-used brands in the United Kingdom. ShareGrid’s acquisition promises to launch a ShareGrid UK sometime in 2020 as part of an international expansion strategy. This strategy is expected to increase ShareGrid’s world marketplace to over 100,000 users and more than $1 billion (US) of film and camera equipment worldwide.
What Is ShareGrid?
If you aren’t familiar with ShareGrid, you should be. Whether you’re on the renting side of the industry and looking to gear up for a short film or corporate video project, peer-to-peer companies like ShareGrid are often much more affordable options to consider. And not just because of price, they also offer robust insurance packages and coverages to help protect you from unforeseen damages.
Here’s a great article on how peer-to-peer marketplace companies like ShareGrid work, as well as the benefits of using one as a modern filmmaker or video professional, including:
- Maximizing your income
- Letting your investments work for you
- Reclaiming your time
- Staying for the community
On ShareGrid alone you can get any manner of gear for the following:
- Cinema cameras
- Cinema lenses
- Still lenses
- Still & hybrid cameras
- Lighting and electric
- Camera support and rigs
- Audio equipment
- G&E packages
What is BorrowFox?
Image via BorrowFox.
BorrowFox has also proven to be a popular option for film and video professionals in the UK with their similar peer-to-peer equipment sharing offering. Speaking of the acquisition, Co-Founder and CEO of BorrowFox Arthur Pierse says:
“We’ve put a lot of blood, sweat and tears into creating and growing the BorrowFox platform in the UK over the last few years, constantly refining and improving the service to meet the growing needs of our passionate creative community. It’s exciting to know that our users will soon receive an expanded service from ShareGrid, having access to an even wider offering of film and camera equipment and joining a global community of talented creatives. Much like BorrowFox, ShareGrid offers affordable and immediate access to high-end equipment, and also includes innovative features such as custom quotations, a buy-and-sell marketplace, instant insurance, automated fraud monitoring, sophisticated ID checks, and dedicated customer support.”
He goes on to cite stats that many of the BorrowFox users have reported earning “£3,000 to £5,000 a month from their idle equipment.” The company has remained focused on helping and supporting a growing community of passionate creatives and talented videographers, filmmakers, and video professionals in the UK.
What Does This Mean for the Future?
Image via ShareGrid.
For filmmakers in the U.S., the U.K., and abroad, this is overall good news for the increased reach and resources of the peer-to-peer marketplace. ShareGrid plans to expand its inventory with cameras, gear, and equipment for both individuals and rental houses in the UK. If you live in the U.K., you should expect a greater range of options and hopefully a reduced price as options increase.
Whether you’ve used peer-to-peer in the past, or a fan of it or not, the ShareGrid model is expanding rapidly for a reason. Few video professionals who have invested thousands of dollars in equipment are not going to be open to the idea of finding additional revenue streams. That’s in addition to helping out fellow creative collaborators with the backing, infrastructure, community (and insurance) of companies like ShareGrid.
ShareGrid is expected to launch in the UK in 2020. You can follow BorrowFox’s website in the meantime for news and updates.
Cover image via ShareGrid.
For more industry news, tips and tricks, check out some of these articles below.