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Myriad Group Announces Continued Growth in adoption of MSNGR in Q3 2013
The period has seen Myriad continue to make progress in achieving its end of year goals. Subscribers to MSNGR, its instant messaging service have continued to grow over the summer. The company has now reached 16m registered users compared to 13m at the end of Q2. In its leading markets, the registered user base grew 30% over the quarter, a rate comparable to other leading OTT chat services.
During the period the company successfully launched version 7 of its MSNGR application in Mexico. Following the release of this product, traffic generated by users has increased significantly, improving still further strong increases in user engagement with the service seen since the start of the year. Repeat usage of the service increased significantly over the period, with over 30% of users now utilising the service more than 10 times per month.
The company continues to see significant growth in deployments of its Facebook for USSD service adding four deployments in the period to the ten operational services across Africa, India and Latin America at the end of Q2. It has also increased by 6 to 41 the total number of agreements it has to launch the service with operators.
The company continues to make progress on its programme of cost containment and focused product investment. With the measures put in place in Q3 and planned for Q4, the company expects to exit the year with a significantly lower cost base. At the same time, it has initiated further investment in its MSNGR platform to provide the capability necessary to support projected demand in 2014 and beyond.
With strong demand being seen for its new services, a proposition that uniquely brings instant messaging to the entire mobile user base including the 80% of users in emerging markets who do not have smartphones, and progress in cost restructuring, Myriad continues to position itself to deliver significant value to customers and shareholders through effective exploitation of its messaging portfolio.
Stephen Dunford, CEO, of Myriad Group AG, commented: "I am pleased with the progress the company has made in Q3 and the strong underlying demand we are seeing for our core products. In seeking to exploit these opportunities, the company still faces many challenges ahead,. However, with the successfull completion of the rights issue, further progress on cost containment, and investment in the future of MSNGR, we continue to be well placed to build on the platform for growth we established during the 1st half of 2013."
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