The Myanmar-language social media platform generated average daily revenues of US$5,000 during the first week of May, compared to around US$3,900 a day in April – an increase of almost 30%.
Most of MySQUAR’s revenues are generated by its gaming and mobile payment application development services.
The firm said the sharp uptick so far this month has been achieved thanks to both the integration with Telenor Myanmar’s carrier billing services and recent product launches, such as Lucky Wingabar which came out at the end of March.
Revenue generated from what the AIM-quoted company calls “premium content” – such as MyChat and other apps – is not having a huge impact on earnings at the moment, but is expected to underpin future growth.
“We are pleased with the daily revenue growth demonstrated in May so far and anticipate healthy future revenue growth given the multiple revenue streams from existing products as they gain in popularity over time in conjunction with the release of new products and new product features in the pipeline,” said chief executive Eric Schaer.
Update to CallHome, new ‘hard core’ game to be launched
MySQUAR’s busy 2017 so far looks set to continue, with the company hoping to roll out another ‘hard core’ game called ‘My Hero – Bo Lattae’ by the end of this month.
The game – which will require more attention and longer play time than a casual gaming app – is being released as a substitute for WuKong, which has been delayed due to “unexpected software localisation issues” with the game licensor.
An updated version of MyChat is also on its way out later this month and will include a dating feature where users have to pay to chat with one another.
The launch of the new game and updates to MyChat will follow hot on the heels of the release of the latest version of MySQUAR’s Voice over Internet Protocols (VoIP) service, CallHome, which came out last week.
The internet-based telephone app was initially focused on the South East Asian markets, but has now been expanded to target a larger regional base, including countries such as Pakistan and India.
Users soar as MySQUAR keeps improving its offering
Last summer, MySQUAR set itself what seemed to be an ambitious target of hitting 5mln registered users by the end of 2016, something it not only achieved, but smashed it.
In October it told investors it had already attracted 6mln to its various platforms, while that figure soared past the 7.5mln mark come January.
Much of this growth is down to with MySQUAR putting in an exceptional shift in order to roll out game after game and app after app since the end of 2016.
Several mobile video games, including ChakraNinja, have been released recently, while it has also a developed and launched an internet-based telephone app, CallHome, and a new gaming platform.
Only at the start of this month MySQUAR told investors that more is to come, with updates to existing apps, as well as several new games scheduled for release in the not-too-distant future.
Improved internet coverage in Myanmar
In recent months, the Burmese government has announced several initiatives to improve wireless internet coverage in the country.
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.
All MySQUAR’s apps work on the ‘freemium’ model, which is to say they are perfectly playable as a free game, but if users want to get their hands on the really cool stuff, they can opt to pay for extras.
Myanmar’s economy continues to grow at a steady rate
Myanmar’s economy continues to improve; over the past year growth was 7% and it is predicted to grow at a similar rate for the next three years, according to the World Bank.
The US, too, is removing some of its trade restrictions as the political situation has normalised.
This could help MySQUAR exploit the anticipated surge in advertising interest in Myanmar’s population from American multi-national companies following the withdrawal of the sanctions.
Last 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.