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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