How do you put a price on the URL? How do you measure its value? Is it worth splurging a 7-digit figure over it?
Xiaomi is the latest Chinese tech company gaining steam, recognition and status. With its unbelievably low prices for a decent smartphone, people are snatching them up like hot cakes. It played into the hands of Xiaomi too, as they generated massive publicity with the limited supplies of handsets made available. Those who managed to snag one were delighted and for those who didn’t, they try again.
Saying Apple is an inspiration is an understatement. From industrial design to presentation style, from business model to even the screenshots, they have an uncanny resemblance to the Cupertino company. But they are a classy copycat, unlike a shameless and tasteless ripoff from a Korean counterpart. They are going to do what Apple is doing, creating an entire ecosystem of products and software. The only difference is, Xiaomi is going after the lowest end of the spectrum which Apple has no interest in.
Xiaomi, I believe, also has the grand vision of dominating your life. From a humble, affordable handset maker, they now engineer practically everything. It‘s a suite of products – from smartphones to tablets, television to router, they are moving from your palms to your living room and beyond. Well, they even make plush toys to complement the settings in a Xiaomi-filled home.
In April this year, they acquired the Mi.com domain for $3.6 million. That‘s a lot of money for a name. But in exchange for a two-letter domain, Xiaomi gain easier and better name recognition. Xiao Mi is not hard to remember and pronounce for most of us, but to simplify things even further, Mi is as easy as it can get. It plays well with its brand naming as well. Mi-something is akin to Apple‘s i-something. According to Boston Consultanct Group, they are 35th in the most innovative companies worldwide, add to the fact they‘re the 4th biggest smartphone vendor, they still have a lot of untapped potential.
To put things into perspective, regular registration of a .com domain cost about $12. iCloud.com cost Apple $6 million if you believe the speculation, while the most expensive domain to change hands is insurance.com, at a pricy $35.6 million. $35,600,000.