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What Happen to PeopleString
If you have not yet noticed, the PeopleString portal site has been taken down.
My history with PeopleString. I joined PeopleString in Feb 2010 and did not do much with it until the pre-launch of their RewardString gaming program in May 2010. At which time I paid $200 to become an upgraded "Entrepreneur" member in both RewardString and PeopleString. My wife then joined under me and also paid $200 in June 2010 to become a "Entrepreneur" member of RewardString and PeopleString. The main reason that me and my wife became Entrepreneur members was because PeopleString promised to give all upgraded members in RewardString 1,000 first level referrals (which neither of us ever received). Me and my wife stayed with PeopleString to the bitter end (when the portal site finally went down) about one week ago. My final matrix member count was 210 members with 2 entrepreneur members. My wife's final matrix member count was 47 members. Total money that I received from PeopleString was $128.15 and my wife received $26.10.
Why Did I Stay With PeopleString? Because I really liked the customizable home page and I was trying to slowly get mine and my wife's investment money back through the PeoplePoints earning program. But as you can see that did not happen.
A Little History About PeopleString. PeopleString started out as a subsidiary of BigString Corp., a company that works with specialty emails, on Jan. 2nd, 2009. It then became a public stock company (PLPE) approx. Jan. 2011. PeopleString was headquartered in Redbank, NJ and the CEO was Darin M. Myman until the company acquired BiLo Media, Inc. on April 20th, 2012. At which time Scott Harkness became the new CEO.
PeopleString started with a MLM social site (home page) that allowed individuals, entrepreneurs and small businesses to manage and aggregate their personal, business and social communications into one user friendly online command center (home page). A community based site where all members gets paid for being active, where PeopleString shares 70% of their revenues, from advertisers and other income, back to the members.
PeopleString had two different memberships: a free membership and an “Entrepreneur” membership. Free members got paid 5% of money earned by each direct referral and 2% from their referrals, and the Entrepreneur membership cost $200 and pays out 20% for direct referrals and 5% from their referrals.
In May 2010 PeopleString added RewardString (a rewards gaming program), in March 2011 added PeopleDeals (a business coupon program), which in June 2011 was changed to the Share It Up Social Coupon program (a groupon type program where the coupon value increased when shared), and finally in April 20th 2012 they added the BiLo Media, Inc. Myingo Fuel Insider program (gas discount card).
Why Did PeopleString Fail? First you must remember that this is just my opinion, and none of the following is based in any known facts. I belieave the new CEO (Scott Harkness) never planned on keep the MLM part of the PeopleString business, so took steps to liquidate this part of the company (aka PeopleString portal). And made sure to do this in a way to prevent any legal claims by members against PeopleString and prevent any cashing-in of any stock options by its members.
Why do I believe this?
(1. The last known monthly payment of PeoplePoint advertising revenue to its members was in March 2012, the month before Scott Harkness became CEO. Yet PeopleString was still collecting ad revenue and even signing up new advertisers.
(2. The same month that he became CEO, he stopped all support ticket help and dropped the Website Portal widget (the one item I liked the most).
(3. One month after he became CEO, PeopleString dropped the BigString Corp. email system.
(4. Four months after he became CEO, he told Bloomberg that he planned on closing the MLM part of PeopleString by December 2012, causing the PeopleString stock (PLPE) to fall from $.24 to $.0052 per share in less than two months.
(5. Last month he announced to the SEC that PeopleString would not be filing its required 10-Q report.
(6. Yet he decided to keep all the non-MLM parts of PeopleString up and running, including the Share It Up Social Coupon site and the Myingo Fuel Insider gas discount card site. In fact the peoplestring.com url now goes to the Share It Up- Social Coupon site.
The thing that leaves a sour taste in my mouth is not that PeopleString ended the MLM home page site, I'm use to online programs failing, but they did it in a way to keep its members believing that they were still earning PeoplePoints (earning money) by weekly putting in new ads and offers. When I believe they knew, for seven months, that they had NO plans on ever paying out any of these advertising earnings to its members.
Just My Opinion,
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