Dec'17 Spotlight, page-106

Hm seems like alot of doom and gloom or hold and pray comments.
I'll stick with talking about the fundamentals without the emotions attached.

So lets talk about the revenue model, which seems to be the main concern.
MSM could have used a paid to download model, charging $1 or $2 per downloads. @400,000 downloads that's $400k to $800k revenue they could've made already. Annualized that's $2- $4mil. Granted downloads would be lower with that model, that's why they chose the freemium model to build the brand and forego current revenue in favour of future revenue in the multiples.

That's why engagement stats are more important than downloads atm by using this model. The more engaged, the more chances of capturing the whales. Whales are a term for users that spends big within an app. Whole gaming apps cater to these whales, and if 1% of their DAU are whales it may mean over 50% of their total  revenue just from them.

Currently with only 1 revenue stream implemented within the app, we can see how engaged the users are. The meet usher comp was a test to see any potential whales exists within the app and how much they're willing to spend. The top all time backer spent $1190, and could've easily stopped at $700 or $560 which was the other winners of the comp.

Candy Crush and Clash of Clans with revenue over a billion dollars a year considers users who spends $50 to $100 per month whales.
So seems like msm's engagement via live stream is on the right track with one person spending a years worth in one week.

I know overall the total revenue figure from live stream is not significant atm, but it's early days and the potential is there.
For example, if everything falls into place (more engaging app updates) and current download run rates keeps up (2mil by end of one yr), revenue from whales just from the live stream could be...

2mil (dl) × 0.5% (whales at half a percent) × $816 (avg of current 3 top backer spent) = $8.1mil.
So better than just charging per downloads @$2 to get $800k now to make asx investors happy.

Also im sure management will rollout other in-app purchases when the time is right, hopefully not too late. And then add on video adverts similar to youtube, licensing to other countries, etc, etc. Hard to value those atm, but if the live stream is a success then theoretically the engagement stats will make them a success too. All IMO..

https://www.wsj.com/articles/mobile...more-whales-who-pay-for-free-games-1431306115