MySQUAR shares rise on mobile gaming revenue

Myanmar-language social media, entertainment and payments platform MySQUAR announced on Monday that its gaming business continued to achieve encouraging results after the release of the game Hawk Hero on 12 September.

The AIM-traded company said it is also providing an update of its planned mobile payments and VoIP businesses which have also made encouraging progress.

Within ten days of release, Hawk Hero generated an average daily revenue of approximately $600 per day, gradually rising to a current high of $917 on 21 September 2016, the firm’s board said.

It described Hawk Hero as a role-playing game with many pay-to-use features that the company expects will significantly increase revenue in the near future.

MySQUAR’s other game, MyFish, had daily revenue that had now risen to $2,000-$2,200 during the week from 19 September.

At the current rate, MySQUAR's released game titles collectively generate approximately $3,000 of revenue per day.

“The strong performance of our second major game is an exciting development and provides remarkable monetisation for such a young company in our field,” said MySQUAR CEO Eric Schaer.

“Our plan to introduce a new game approximately every other month is well on course and we see considerable revenue growth going forward.”

Schaer said the company has also gained valuable understanding of the Myanmar mobile gaming market, and remained confident that many of the future games will be better placed than their forerunners.

“In addition, I am very pleased with the preparation progress for mobile payment and VoIP services and we are looking forward to demonstrating to shareholders the economic synergies of the company's different businesses.”

At 1249 BST, shares in MySQUAR were up 8.33% to 5.28p.