Migme grows its 2015 revenue fivefold and MAUs to 32m
ASX-listed digital media company Migme has released its latest numbers showing impressive growth.
The company, headquartered in Singapore, says it raised its revenue by 525 percent to US$8.7 million in 2015 from the year before, helping trim its net loss by 27 percent to US$14.9 million.
It also grew its monthly active users to 32 million, a 220 percent jump from 2014. That growth was “mostly organic,” co-founder and CEO Steven Goh tells Tech in Asia.
“Acquisitions helped give our users or audience more to do, and contributed to fueling organic growth. The beauty of having a platform business is you get ‘1+1 = 3’ effects the more we bring into the family,” he explains.
The company made big moves in Indonesia last year, acquiring social news site Hipwee and Indonesian fashion estore Shopdeca.
Migme says it spent 2015 building “a key presence” in Indonesia and “foundations” that will allow it to further expand into India and the Philippines this year.
“In 2016, we plan to consolidate on our progress made last year and continue to grow monthly active users,” says Steven. “We will be focused on platform upgrades and the integration of the portfolio companies that we have acquired, with the view to improving operating margins later in the year.”
He previously said Migme wasn’t particularly looking at more acquisitions but they were a possibility, after the company raised more cash from a notes placement than needed.
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