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MySQUAR subscriber base headed for two million

The growth of the business has been rapid, given it had just over 900,000 users at end of June.

The adoption of social media via smartphones has been rapid in Myanmar.

MySQUAR (LON:MYSQ), the Myanmar-language social media specialist, reckons it should have 2mln users of its MyCHAT phone app by the end of the year as it enters the monetisation phase of its development.

The growth of the business has been rapid, given it had just over 900,000 users at end of June.

To capitalise on its success to date, the company has built in features to support advertising and has teamed with partners to help with this push.

It has also moved closer to the deployment of mobile payment services, ahead of schedule, through a deal with MyPAY, signed in October to integrate payment services as a feature of MyCHAT. 

“The agreement…is a big step towards execution of the monetisation plan, whereby a significant initial implementation fee and future revenue share received from MyPAY are expected to add stable cash inflow to the group,” MySQUAR told investors. 

“In addition, the payment feature can be leveraged for marketing programmes, such as the coupon issuance capability and co-promotion programmes, through which the group can offer a broad range of compelling marketing initiatives to brands.”

The update came as the firm posted results for the year ended June 30.

As is common with most businesses at this formative stage of its development, MySQUAR was loss-making (to the tune of around US$2.2mln).

However, the results release revealed just how much progress MySQUAR has made recently, which included its AIM listing over the summer.

Many of its major landmarks came after the year-end, including the successfully tapping the market for US$2.5mln (£1.67mln).

The commercial traction MySQUAR has enjoyed meant it was able to repay a US$926,688 loan.

The service agreement with MyPAY, meanwhile, meant it received an integration fee of US$500,000.

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