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.
Business News Australia
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