Unmasking the pyramid kings. Crowd 1, page-231

You're totally right, the money is receipted by Emerge, since Emerge is hosting the Miggster platform.

You're also right that net revenue of 34% is good, but I wouldn't say it's excellent, given that if Emerge had just launched their own platform and marketed it on their own they'd have 100%. They didn't need ICT to launch this product (see: MTN). This is why people keep banging on about it, I expect. A business mindset sees the better value in the stronger business model. 100% of 30k subs is the same as 34% of 100k subs (or thereabouts), but now you don't have the ball and chain of a pyramid scheme.

Do not make baseless claims about "strong continual uptake" without evidence. How many of the 26% of non-ARR is actually growing? Noting that it's been at least 2 months since launch, allowing many people to sign up for a month and then quit. And how many will be retained with the catalogue of Miniclip style games? And what about the AAA gaming is innovative when users in ZA (South Africa) can already sign up for XCloud and get actual AAA games streaming on 4g (not even 5g)?