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MySQUAR hungry for more after MyFish success

Last updated: 11:30 12 Sep 2016 BST, First published: 12:13 22 Aug 2016 BST

MyFish game by MySquar
Its latest game MyFish generated half a million users.

Burmese social media platform MySQUAR Limited’s (LON:MYSQ) foray into online gaming seems to be paying off.

Its latest game, MyFish, generated half a million users in the first three weeks since its launch.

Currently players are generating revenues of US$600-$800 a day at a gross profit margin of 44%.

MyFish has ‘gone viral’ and attracted more than 1.5mln users in the five weeks since launch.

Average daily revenue in August was US$800 per day, rising to US$1,120 per day in the first 7 days of September and is now over US$1,500 per day with new features also set to be introduced.

It expects sales could eventually rise to US$1,500-US$2,000 a day within two months.

Big role for little games

Chief executive Eric Schaer hinted that gaming would play a larger role going forward, as the company delivers on its promise of releasing a new game every two months.

“Our experience so far indicates that our programme of game roll-outs will become very valuable to the company."

“We are confident that as we release more games we will continue to grow the revenue from this line of business,” he added.

"In less than 45 days the game has achieved tremendous results. Myanmar is absolutely primed for the introduction of new games and has demonstrated that there is a huge appetite for such content."

Target of 5mln registered users

MySQUAR said it “confidently expects” to have 5mln registered users platform by the end of the year.

It currently boasts over 2.5mln users, with new profiles being added at a rate of around 160,000 a month.

But, with a population of around 56mln people, and roughly 13mln of those under the age of 24, it would seem that there’s still a significant portion of the market that remains untapped.

MySQUAR started back in 2013, having identified the opportunity to launch a social media platform in the rapidly emerging market of Myanmar (Burma).

It has a “first mover advantage” which the group believes will help it to become “the social network of choice in Myanmar”.

Improved internet coverage

The Burmese government has recently announced initiatives to improve wireless internet coverage in the country over the coming year.

Combined with cheaper smart phones and SIM cards, the group said the country is on the verge of an internet revolution and it wants to be at its forefront.

The actual platform comprises several different apps, from ‘meme’ makers through to mobile games, but the most notable app is MyChat, which is a free social chat app aimed at young people.

Perhaps MySQUAR’s greatest asset is that it has identified ways to make money from its users, something other social media sites, including Twitter, have struggled with.

The group is pursuing five routes to monetisation, through advertising; partnerships; digital goods and in-app purchases; data mining; and online monetary transactions.

It's all changing over in Myanmar

Myanmar’s economy continues to grow; over the past year growth was 7% and is predicted at around 8% each year in the medium term according to the World Bank.

The US, too, is removing some of its trade restrictions as the political situation has normalised.

Earlier this year, the country swore in its first democratically elected civilian leader in over half a century.

Thein Sein of Myanmar’s National League for Democracy (NLD) won the presidency after a landslide victory for the party back in November.

One of the NLD’s primary concerns is the reform of previous military-led restrictions on the media and communications.

In August 2012, Myanmar ceased government censorship of media outlets and the internet due to campaigning by the party.

Sein already has a legacy of reform under his belt and it is hoped the NLD will dissolve current sanctions on foreign trade and business.

 

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