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Migme scores 393% revenue growth, but net losses widen
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Migme staffers join a community event with migUp users in Jakarta recently. (Courtesy of mig.me/-)
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ocial media entertainment provider Migme, in which Indonesian corporation Media Nusantara Citra (MNC) is a shareholder, reported a 393 percent revenue increase to A$14.92 million (US$11.39), amid a 34 percent Monthly Active Users (MAU) growth to over 43 million.
The Singapore-based company scored the robust revenue growth after focusing on advancing its business strategies in its key markets of Indonesia, India and the Philippines. However it saw a 55 percent increase in net losses to $13.62 million in the same period.
The Australian Stock Exchange-listed company will continue to focus on building its user base and increase user engagement to grow revenue, improve operating margins and increase shareholder value, said Migme co-founder and CEO Steven Goh.
“In the next six months we intend to continue to grow headline MAU numbers and revenue, whilst deepening our engagement with users. At the same time, we will continue to focus on reducing operating cash outflows and improving operating margins,” he said in a press statement on Friday.
Subject to market and business conditions, he further said, the company is working toward achieving cash flow positive operations by early 2017.
The company recently raised $10 million in capital with support from strategic shareholders including FoxConn, Meitu, MNC, and the proprietor of the LAI Group Malcolm Steinberg. As Migme’s largest shareholder with an 18.82 percent share ownership in the company, Foxconn appointed Po-Hsiang Wang as Migme’s director. (ags)
