Tinybeans records first ever $1 million quarter

Tinybeans records first ever $1 million quarter

Private online social media platform for parents and families Tinybeans (ASX: TNY) has had a good run recently, reporting its first ever $1 million quarter.

In total, Tinybeans secured $1,087,922 in revenue during Q2FY19, up 135 per cent from $463,586 in Q2FY18.

Band partnerships and a boost in revenue were significant drivers for the company, contributing $736,051 during the period; an increase of over 200 per cent on Q2FY18.

The company also launched an upgraded premium subscription offering, delivering recurring revenue growth of 37 per cent.

The company now has 3 million registered users, 1.1 million of those being monthly active users of the secure social media platform.

Tinybeans CEO Eddie Geller says the company has well and truly met its goal for 2018.

"Since the start of 2018, we set a team goal of delivering a $1 million revenue quarter," says Geller.

"We saw this as an important proof point, validating both our offering to subscribers and advertisers as well as the scalability of our platform."

"With the growing number of families on our trusted platform and brand partners who recognise our unique offering, we are well placed to deliver on the next milestones."

The company now hopes to turn operating cash flow positive during 2019.

Shares in Tinybeans are up 1.64 per cent to $0.31 per share at 11.18am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...