MySQUAR achieves revenue milestone as it releases more apps

Burma-focussed social media, entertainment and payments platform MySQUAR announced that it has achieved a milestone in average daily revenue on Tuesday, and issued an update on product launches.

The AIM-traded company said it had made “significant” progress in achieving its monetisation targets.

Average daily revenue reached $5,000 during the first week of May 2017, an increase from an average of approximately $3,900 in April 2017.

The majority of current daily revenue was generated from gaming and mobile payment application development services, the board claimed.

It said the increase in revenue had been achieved due to both the integration with Telenor Myanmar's carrier billing services, and recent product releases such as the casual gaming platform Lucky Wingabar.

Revenue generated from premium content in MyChat and other apps was not yet material to the business, but was expected to underpin future growth.

Looking at its products, the company confirmed that on 5 May it released an updated version of its VoIP service, CallHome, which had been expanded to target a larger regional base including India and Pakistan.

By the end of May, MySQUAR expected to release a new hard core game called My Hero - Bo Lattae as a substitute for WuKong which had been delayed due to unexpected software localisation issues with the game licensor, and an updated version of MyChat that would include a dating feature where users would pay to chat.

“We are pleased with the daily revenue growth demonstrated in May so far and anticipate healthy future revenue growth given the multiple revenue streams from existing products as they gain in popularity over time in conjunction with the release of new products and new product features in the pipeline,” said MySQUAR chairman Eric Schaer.