Singapore Digital Media Firm migme raises $5m From Photo Editing App Partner Meitu
ASX-listed, Singapore-based digital media company migme has raised AU$6.99 million ($5 million) from strategic partner Meitu Investment Ltd, a leading video and photo editing app.
As part of its memorandum of understanding with new strategic partner Meitu, migme has placed 11,650,000 of its shares with the photo-app firm at AU$0.60 apiece raising AU$6,990,000.
The MoU will explore joint marketing and product development opportunities.
migme plans to work with Meitu to implement content-sharing across both platforms, localisation, joint and cross marketing. The tieup will target migme’s key markets in the South and Southeast Asian region, with a focus on Indonesia, India and the Philippines.
For Meitu, the partnership could lead to deepening its reach. For migme, it will add substantial engagement to its platform, particularly for the users and key influencers in the community (which include migme artists, bloggers, YouTubers, celebrities, etc).
Meitu has over 900 million users across its portfolio of products. Its users are predominantly in China, but include over 100 million overseas users.
“We are excited to have Meitu as a strategic partner. As one of the largest photo and video apps in the world, they are a leading content producer for China and East Asia, and we very much look forward to our collaboration together.” said migme CEO Steven Goh.
Goh adds, “Cooperation between Meitu’s amazing products and migme as a platform, could provide an experience set comparable to an Instagram and Snapchat experience, and be a great service for all our key influencers, opinion leaders, driving further growth, engagement and monetisation of the business.”
In 2015, the revenue of Migme reached $8.7 million, according to their statement. The company also owns social entertainment apps Migme, LoveByte, artist management platform Alivenotdead and e-commerce platform Sold.