Before the opening bell, Singlepoint, Inc. (OTC: SING)
announced plans to cash in on the Pokémon Go craze by developing a mobile app
designed to bring like-minded players together. The company has already
initiated discussions with programmers under contract to create a new app that
will reward users for performing a number of geo-targeted actions while playing
Pokémon Go. Additionally, Singlepoint’s companion app will look to increase the
social interactions among gamers by introducing a comprehensive messaging
platform that enables communication through global, team and friend-based
channels. By combining these complementary features, Singlepoint aims to take
advantage of the current mobile spectacle while spurring sustainable financial
growth in the coming months.
“We are perfectly aligned in the mobile app space to take
advantage of the current phenomenon that is Pokémon Go, along with similar
scenarios in the gaming world across the board moving forward,” Greg Lambrecht,
chief executive officer of Singlepoint, stated in a news release. “We are to
the point where technology has demonstrated the ability for gaming to bring
players to the outdoors: engaging, exploring and with a camaraderie among
players like never before. We intend to capitalize on this in a big way.”
Since its launch in early July, Niantic’s Pokémon Go has
blazed new trails in the mobile space. Apple (NASDAQ: AAPL) confirmed that the
app was downloaded more times during its first week on the App Store than any
other app in history, and, as of July 18, it boasted an active user base of
roughly 21 million in the United States alone. From a revenue standpoint,
Pokémon Go currently generates roughly $1.6 million in daily revenue from the
App Store, and similar results are to be expected from Google (NASDAQ: GOOG)
Play. The game has also proven extremely successful in converting free users
into paid users. According to a report by Needham and Company, Pokémon Go’s
ratio of paid users to total users is roughly 10 times that of Candy Crush, the
record-setting title from Activision Blizzard’s (NASDAQ: ATVI) King Digital,
which generated more than $1 billion in revenue during both 2013 and 2014.
Pokémon Go has also flexed its digital muscle in the
investment community. Nintendo (OTC: NTDOY) stock more than doubled in the wake
of the game’s monumental release, despite the fact that the gaming giant didn’t
make Pokémon Go and has somewhat limited upside from its success.
For Singlepoint, attempting to capitalize on the success of
Pokémon Go is the next step in the company’s ongoing rollup acquisition
initiative. Singlepoint leveraged this strategy in May when it acquired an
interest in DraftFury, which is widely recognized as the first cash flow
positive daily fantasy sports enterprise. Look for the company to build on the
momentum offered by this acquisition in the coming weeks as it targets
promising firms in the mobile app space, particularly those relating to the
massive popularity of Pokémon Go.
For more information, visit the company’s website at
www.Singlepoint.com
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