MySQUAR reaches 20 million user milestone

Myanmar-language social media, entertainment and payments platform MySQUAR announced on Wednesday that as of 31 October, the total number of registered users across all apps and games exceeded 20 million.

The AIM-traded firm said that compares with the 12 January figure of 7.5 million total registered users.

It defined registered users as individuals who have downloaded a game or an app, and have subsequently created a user account, meaning individual users had the potential to register more than one user account across MySQUAR's products.

The number of registered users excludes the Mingalarbar Morning news aggregator, which had improving website traffic as monitored by Google Analytics and was on track to receive about 1.2 million page views this month.

MySQUAR attributed the increase in registered users achieved since January to the appeal of its ‘freemium’ model across its games and apps, combined with an increase in brand awareness.

“The increase in registered user accounts to more than 20 million in less than a year has exceeded our expectations,” said MySQUAR CEO Eric Schaer.

“Since January 2017, MySQUAR has further diversified its offerings by adding premium features to existing products, launching new apps and releasing new casual and hardcore mobiles games which has attracted new users.”

Schaer said the company was happy with its current range of products, and would focus its efforts on strengthening its existing platform.

The board also said it wished to inform investors that, going forward, it expected to provide revenue and monetisation updates in line with its interim and annual financial reporting calendar.

MySQUAR said it may also make update announcements when certain important milestones were achieved, or when otherwise required to in accordance with its regulatory disclosure obligations.

The company said its previous revenue milestone updates had been provided in respect of expectations relating to performance against certain milestone conditions, which were originally set out as part of a prior issue of convertible loan notes, notwithstanding that the loan note facility was subsequently terminated.

“The company continues to focus on monetisation and revenue as indicators of growth and will look to provide future revenue updates in line with interim and annual financial reporting requirements,” Schaer explained.