Mobile game publisher Animoca Brands Corporation Ltd (ASX:AB1) is making inroads into the Chinese market after achieving over 7 million downloads for the ‘Garfield Chef’ mobile app game since December 2015, on Xiaomi’s app store, Mi Market.
The publishing partnership with Xiaomi, China’s largest smartphone maker with over 70 million handsets sold in 2015, helped Animoca achieve strong numbers for the Garfield Chef app.
For the quarter ended March 2016, Animoca recorded a revenue of $2.18 million, an 82% increase from $1.4 million recorded in March 2015 quarter.
Xiaomi has the exclusive rights to publish Garfield Chef throughout China on both Android and iOS systems. The iOS version was launched in the Apple app store in China in February 2016.
The Chinese mobile gaming market has overtaken the US and Japan as the top country by spend on mobile games, generating US$7.1 billion in 2015 according to a report by NewZoo and TalkingData.
It is expected to reach over $11 billion by 2019, according to Niko Partners.
Animoca held $3 million cash at the end of March 2016 quarter and successfully raised $1 million via a share purchase plan earlier this month.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.