Karaoke2U, an Australian-developed app which allows you to play, record and share your karaoke efforts, is being download at a rate of more than 1000 a week.
And the company behind the app, TV2U, an aggregator of video and gaming content, says Karaoke2U has started to earn revenue following its launch on Google Play and the Apple Store.
A short time ago, TV2U shares were trading at $0.031, up 6.9%.
The app has been launched across Malaysia, Thailand, Australia and New Zealand with more than 3,000 subscribers currently. Subscriber growth is about 1,000 every week.
“The quality, versatility and dynamic user friendly content on our App has been endorsed by the thousands of users who have already downloaded the App as part of our soft launch,” says TV2U CEO Nick Fitzgerald.
“We couldn’t have predicted how quickly Malaysia embraced Karaoke2U with almost 2000 registered users in under two weeks, with minimal marketing.”
The conversion rate from download to paid subscriber is 28%, significantly above the average for mobile apps of 1% to 2%.
TV2U, which did a backdoor ASX listing last year via Galicia Energy Corporation, last month completed a $1.94 million equity raising with institutional, professional and sophisticated investors.