What Does migme Do?
migme Limited [ASX:MIG] is a digital media group with social networking platforms that targets users in Indonesia, South Asia and the Philippines. It sees a shift in the next billion Internet users in these markets to low cost Android phones, and wants to capitalise on this.
It tries to attract local celebrities to its platforms and get them to engage with their fans. They monetise their user base via virtual gifts, stickers and games, and share revenue with the artists.
What’s Happening to migme Shares?
Here is a daily chart of the stock…
Migme on a Tear
You can see migme has had a prodigious run since May 20.
On the 10 June this week the company released an announcement saying it had signed on seven ‘high profile’ artists in India. According to the announcement,
‘In the May 2015 KPCB Internet Trends 2015 – Code Conference* report, India was reported as the fastest growing Internet country in the world with 63 million new Internet users added in 2014. India is also more mobilised, with 65% of Indian Internet traffic and 41% of Indian e-commerce occurring on the mobile platform.’
The market likes the news with the stock up a further 7.8% today, to trade at $1.24 at the time of writing.
What Now for migme?
As a trade, you really had to buy over the minor tops to catch this uplift. However, migme looks at interesting stock to keep an eye on.
This year the company has proved there is certainly plenty of profitable opportunities to be found in stocks, despite some suggestions otherwise. For more on why that is, go here.
Editor, The Daily Reckoning