Kiwi mobile advertising company Snakk Media eyes Asian market growth as its revenue trajectory continues upwards.
At its annual meeting yesterday Snakk CEO Mark Ryan said the growth in that market might come viaa joint venture, a merger or acquisition or under the power of its own brand. He said it was undertaking a research project to better understand the market there and wants to firm up its plans by early 2104 as a result.
"It's a region of contrast with enormous diversity of maturity in media adoption, the competitivelandscape and device penetration," he said.
Snakk also revealed unaudited first quarter revenue of slightly more than $1.2 million for the New Zealand financial year, a rise of 116% on the same quarter last year.
That follows revenue of $3.65 million for the year to 31 March, year on year growth of 83 percent.
Ryan listed several goals the company had ticked off in the last 12 months, including capital raising of $6.5 million via a share purchase plan, and private placement, and $1 million prior to listing on the alternative exchange. Snakk carried out 398 campaigns for brands this year, 81% more than last year.
Ryan says it agrees objectives with clients up front, whether it's app download targets, video views or clickthroughs to a landing page. Snakk's metrics showed it achieved objectives in 97 percent of cases.
Snakk demonstrated its market opportunity by highlighting New Zealand's smartphone penetration of 54% - up from 27% in 2011 - and smartphone internet use of 77%. Shareholder numbers have risen to 3333 and staff numbers, which began at four in 2011, are now upto 19.
Chairman Derek Handley says Snakk is focused on long term growth and is continually assessing opportunities four or five years ahead in a fast-changing landscape. "Our goal is to position ourselves at the forefront and be as nimble as possible and be two or three steps ahead.
"It's not about trying to pursue short term profits. Everything we do at Snakk is about the long term."
The company has been expanding and opening new offices in Australia, where it estimates its available market share is between 20 percent and 25 percent.