Why we are here !10 Sep 2010 23:56
Bango enables commerce on the mobile web for hundreds of businesses. It delivers the most efficient means of collecting payments as well as providing reliable, accurate tools for measuring actual consumer behaviour and returns on marketing investment.
Mobile content providers using Bango enjoy higher "view-to-purchase" conversion rates than those using alternative methods. Simply put, they make more sales. Bango's largest U.S. customers are increasing profitability and providing better customer experiences by migrating from legacy Premium SMS suppliers to Bango's web based systems.
Bango's systems provide simplicity to the user and increased sales to content providers. The unique and sophisticated technology is a result of many years of development and refinement, and has become closely integrated with the billing systems of major mobile network operators. As a result, Bango is therefore able to maintain its competitive advantage.
Bango is serving a large and growing market. The worldwide mobile content market is expected to surpass $64 billion by 2012, up from $20 billion in 2007, according to Juniper Research. Major mobile phone manufacturers, mobile operators and internet businesses are driving the uptake of the mobile internet.
The growth in mobile content sales and the switch to an internet model for payment and delivery gives Bango the opportunity to become a significant player in this important sector.
Bango's growth is driven both by businesses that are new to mobile content and services sales and by established mobile content sellers. They are transitioning their business from the older "Premium SMS" payment method to the Bango platform to benefit from the increasing popularity of the mobile internet and the increased sales opportunities through Bango.
Bango can deliver further substantial growth in transaction volumes through its unique technology, operator relationships and strong operational foundation without a significant increase in operating expenses.
The placement of 7.5 million new shares in January 2010 raised £3 million net of expenses. This strengthened the balance sheet and gives the Company flexibility to accelerate mobile operator payments to key customers, thereby improving margin and growth opportunities.
With its ability to facilitate commerce on the mobile internet, the Board is pleased to see that Bango is already benefitting from the growth in this market and, in anticipation of this burgeoning market, looks to the future with confidence.
I would like to thank Bango's executive directors and staff for their unswerving efforts to make Bango a dominant player in this exciting, fast-growing, global industry.
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