Business
Trading Statement
Trading Statement.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n RNS Number : 0731O Bright Things plc 02 March 2009 \n \n\nBright Things plc\nTrading Update and Distribution Agreement\n\nBright Things plc is pleased to provide a trading update following the completion of the beta test phase of its product SocialGO and the launch its first subscription based services since the start of this month. \nAs at 27th February 2009, over 29000 networks had been registered. The Directors are extremely pleased by these numbers, even though a number of networks are single user networks set up by users experimenting with the service. In this regard, of the networks registered to date, over 7,400 are networks with more than a single user. Putting the multiple user networks into context, the Company is pleased to report that as at 27th February 2009 there have been over 750,000 members signed up across those networks. Between them these members to date have uploaded over 1.75 million media items and sent or posted over 2.4 million messages. \nFrom the formal launch of the subscription based service at the start of February, all the established networks have had a further month to upgrade to a subscription service. Whilst the Directors are cautious as to the conversion rates from the free service to subscription so soon after launch, to date, over 250 networks have applied for premium services representing three and a half percent of the registered networks with multiple users. However, irrespective of conversion rates the free networks all represent potential revenue streams for the Company through potential advertising on these networks. \nIn addition, the Company is seeing a positive number of networks subscribing for optional extras such as increased bandwidth, white labels and member billing all of which provide extra revenue streams. Despite this, the Directors consider it is too early to estimate the proportion of existing and future networks that will take up the subscription service but they are encouraged by the results over such a short period of time. It will be several months before there is sufficient data to establish trends and meaningful conversion rates as it will t...