Hapbee Technologies Inc (TSX-V:HAPB, OTCQB:HAPBF) has announced soaring growth in subscriber numbers for its Hapbee Neckband in the first three months of 2022, with retention rates also showing a marked improvement.
The number of subscribers stood at 2,941 at the end of the first quarter of this year, a rise of 246% on Q1 2021. The company shipped 1,253 units in the first quarter, up 60% on the same period last year.
Meanwhile, “significant” improvements in customers’ in-app experience boosted paid subscriber retention rates after six months to 65% in March compared with 22% in September last year, the company said.
“The first quarter of 2021 saw Hapbee grow its subscriber base substantially year-over-year, while increasing customer retention and engagement,” said Yona Shtern, CEO of Hapbee in a statement.
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“The improvements our team made to the in-app experience and payment system, and the new blends we introduced, significantly increased customer usage and retention, as highlighted by the 220,000 hours of Blend playtime in Q1.”
A ‘blend’ is a combination of different low-power electro-magnetic signals designed to imitate the magnetic effects of molecules that people use every day to enchance their mood, get work done and relax.
Blend playtime surged by 350% in the first quarter, while the number of blends played per user per month more than doubled from 15 in Q1 2021 to 31 in Q1 2022.
The number of different blends consumed by Hapbee subscribers rose to 6.1 in March from 3.5 in August 2021, prior to the launch of Lifestyle Blends, indicating stronger engagement and utility on Hapbee’s platform
Hapbee said its top five blends ranked by percentage of users in March 2022 were as follows:
- Deep Sleep - 59%
- Bedtime - 46%
- Wake Up - 38%
- Master Your Attention - 32%
- Morning Coffee - 32%
Commenting on the company's plans for this year, Shtern said: “During the second and third quarters of 2022, we intend to continue advancing both B2C and B2B distribution channels to increase Hapbee sales while preparing for the successful launches of our two new sleep-related products currently in development."
Hapbee is a leading wearable wellness technology platform with a mission to help people improve their wellbeing and enhance how they feel. The company is the creator of the Hapbee Neckband, the Sleepbee Sleep Mask, and the Sleepbee Bed Topper, which are all powered by the Hapbee App - a patented biostreaming platform that delivers ultra low-power electro-magnetic blends designed to help users optimize their sleep, productivity, recovery, and downtime.
Contact the author at jon.hopkins@proactiveinvestors.com