Migme up on user growth
Shares in migme rose after the social media and entertainment company announced it was expanding its artist engagement program to the Philippines and had achieved more than 16 million active monthly users on its platform.
Migme said monthly active users on its site had risen from 14 million at the end of March to more than 16 million today.
The company also announced it had signed four local artists to build their fanbase on its platform and share in the revenue generated from interactions.
The artists include singer-songwriter BP Valenzuela, alternative rock band Save Me Hollywood, TV celebrity Fay Hokulani and well-known blogger Flow Galindez.
Migme said the signings were a precursor to a bigger commitment in the Philippines.
“The migme artist engagement program, which has already been successfully introduced in Indonesia and Nepal, allows artists and content creators to build a fan base on migme, with which they can share the latest news, music, promotional videos, photos and engage in other social media activities,” the company said in a statement.
“They can further benefit by monetising through premium interactions.”
Migme chief executive Steven Goh said the company expected to replicate the initial success of its artist engagement program in markets such as the Philippines and elsewhere.
“The Philippines is developing rapidly and is a key emerging market for us,” he said.
“Our artist engagement program provides a contemporary digital solution to monetise fan engagement in a way that’s relevant for the markets that we operate in and that is different from the streaming or ad-based models in Western markets.”
Shares in migme were up eight cents, or 9.41 per cent, to 93 cents at 9.45am.
