migme signs MOU and raises $6.99m with new strategic shareholder Meitu
Global digital media company, migme, today announced the signing of a Memorandum of Understanding (MOU) with new strategic partner Meitu Investment Limited, and the placement of 11,650,000 migme shares to Meitu at AU$0.60 per share raising AU$6,990,000 for the Company. The MOU is to explore joint marketing and product development opportunities.
Meitu is one of the world’s leading photo and video mobile app. developers with over 900 million users* across their portfolio of products. These users are predominantly in China, but include over one hundred million overseas users and growing. The most successful applications MeituPic (photo editing) and Meipai (short video social network) have consistently featured in the top ten download rankings, in App. Stores across China, East Asia and multiple third-party Android App. Stores.
migme plans to work closely with Meitu to implement the sharing of content across the Meitu and migme platforms, localisation, joint and cross marketing initiatives for migme’s key markets in the South and Southeast Asian region, with a focus on Indonesia, India and the Philippines. The relationship allows Meitu to efficiently deepen their reach and for migme adds substantial engagement value to the migme platform, particularly for the users and key influencers in the community (which include the migme artists, bloggers, YouTubers, celebrities, etc). migme expects the relationship with Meitu will add to the growth and monetisation for the migme platform.
“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 Limited 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.”