Blackbird PLC (AIM:BIRD), the technology licensor and developer of cloud-native video editing platform Blackbird and collaborative editing platform elevate.io, saw its shares rise almost 5% to 1.15p early Thursday.
The shares were up 0.05p from Wednesday's close of 1.10p.
The AIM-listed company said net paid subscribers to elevate.io rose 75% in six weeks after marketing spending resumed in mid-July.
Blackbird said conversion rates of free users to paid subscribers increased from under 1.0% to 2.67% in August, which it attributed to product refinements made earlier this year.
Customer acquisition costs fell 65%, indicating the effectiveness of Blackbird’s marketing strategy for elevate.io.
Paid subscribers rose 75% since March to reach 696 by the end of August.
The board said it was cautiously optimistic that the current pace of subscriber growth could be maintained alongside an appropriate level of marketing spend.
Ian McDonough, executive chair and chief executive of Blackbird, said the product changes introduced this year, combined with targeted marketing, had generated good subscription momentum following the deployment of the company's go-to-market strategy.