MySQUAR sees rapid user growth from new game

Social media, entertainment and payments platform MySQUAR said its latest game launched on 2 August, MyFish, has attracted more than 500,000 registered users in its first three weeks.

The AIM-listed company said the game was already generating $600 to $800 per day at a gross profit margin of 44%, with revenues of $1,500 to $2000 per day expected within two months of launch.

Based on current and historical growth, MySQUAR expects to have 5m registered users across its different applications by the end of 2016.

Chief executive officer Eric Schaer said: “We are very pleased that our strategy with mobile gaming has been proven correct and is now providing strong revenue. We are confident that as we release more games we will continue to grow the revenue from this line of business.

“Leveraging this revenue stream through our agreement with MyPAY will increase our profit margins. There is strong demand for accessible entertainment. Our experience so far indicates that our programme of game roll-outs will become very valuable to the company."

MyFish, which works on both Android and IOS devices, simulates fish hunting in an imaginative format involving 50 different types of fish. The game is run on the 'freemium' model, which allows free play up to a certain level, after which players have to pay for purchasing in-game assets such as virtual coins, gold and weaponry that enhance their fish hunting capability.

At 0920 BST, MySQUAR shares were up 8.3% to 3.66p.