MySQUAR Limited (LON:MYSQ), the Myanmar-language social media, entertainment and payment specialist, says MyFish, the latest game on its platform, has generated 500,000 users in the first three week since launch.
Currently players are generating revenues of US$600-$800 a day at a gross profit margin of 44%. The the company believes sales could eventually rise to US$1,500-US$2,000 a day within two months.
The firm also said it “confidently expects” to have 5mln registered users across all its different applications by the end of the year.
Chief executive Eric Schaer added: "We are very pleased that our strategy with mobile gaming has been proven correct and is now providing strong revenue.
“We are confident that as we release more games we will continue to grow the revenue from this line of business.
“Leveraging this revenue stream through our agreement with MyPAY will increase our profit margins. There is strong demand for accessible entertainment.
“Our experience so far indicates that our programme of game roll-outs will become very valuable to the company."
MyFish works on both Android and IOS devices and simulates fish hunting. It is run on the 'freemium' model, which allows free play up to a certain level, after which players have to pay for virtual coins, gold and weaponry that enhance their fish hunting capability.
A new game, Invincible Sword, will be launched in September in line with MySQUAR’s strategy of releasing one every two months.