The ASX-listed digital media company migme has closed a strategic partnership with CricBattle to launch fantasy sports ahead of the 2016 Indian Premier League cricket season.
A short time ago, migme shares were up 8.5% to $0.76.
CricBattle is the only draft-based fantasy sport for cricket around the globe.
Under the partnership, CricBattle will pay migme a share of revenue based on the total purchased value of migme credits generated from users through the migme mobile and web platform.
“Fantasy cricket provides more engagement for our users, where fans can enrich their experience by interacting with social and premium activities, helping to drive overall revenues,” says migme CEO Steven Goh.
Rakesh Desai, CricBattle’s founder, says migme’s growing 32 million monthly active user base will create tremendous opportunity to expand the player base across the region.
CricBattle will be officially launched on the migme platform at the start of the IPL season on Saturday.
Last month migme signed a strategic partnership with Meitu Investment, one of the world’s leading photo and video mobile app developers with more than 900 million users.
Meitu took up 11,650,000 migme shares at AU$0.60 each, raising $6.990 million.
migme posted full year revenue to December of $12.2 million, a 525% rise. The net loss of $21 million was a 27% improvement.