TORONTO, April 22, 2020 (GLOBE NEWSWIRE) -- Kuuhubb Inc. (“Kuuhubb” or the “Company”) (TSXV: KUU), a publicly listed mobile game development and publishing company targeting the female audience with bespoke mobile experiences, announced today the launch of the improved Android version of its coloring app, Recolor, has resulted in a significant increase in the number of its Monthly Active Users (MAU) and subsequent growth in March 2020 revenues. The Company also announced that it is preparing to launch an in-app purchase (IAP) option in conjunction with its current subscription model.
Android Google Play Development:
Kuuhubb’s initial Recolor focus has been on the Apple iOS version of the app with a follow-up plan to further develop its Android version for the Google Play platform. With new updates and capabilities completed and getting the Android Recolor app to feature parity with iOS, the Company has seen that new version’s Monthly Active Users (MAU) grow by 214% in the first quarter of 2020. Additionally, Android revenues grew by over 30% month-over-month due to the increase in the number of users. To date, Apple’s App Store has generated approximately 90% of Recolor revenues; the launch of a high quality Android version will expand the Company’s opportunities for generating additional revenues in Android dominated markets such as the Asian region.
Jouni Keränen, CEO of Kuuhubb commented, “We are very excited to finally bring Android to feature parity with Apple’s iOS version and are delighted with the overwhelmingly positive reception of Recolor by Android users. It has been our long-time belief that Android could be a significant growth opportunity for Recolor and after resolute effort we are finally starting to see the results. Since the vast majority of global mobile phone users are on Android, that platform will continue to be a long-term focus area for Recolor as we further develop and operate a category-leading subscription app. In fact, next month we are aiming to roll-out another major initiative: our next generation subscription model which includes in-app purchases. The concept will be implemented in phases, beginning with providing non-subscribers an opportunity to experiment with premium content. More importantly, in later phases we aim to provide our core fans an opportunity for a compelling, deeper experience in Recolor, both socially and individually. In Free-To-Play apps, core fans typically contribute a substantial portion of the total revenues and we believe that using similar mechanics could create a materially new revenue stream for Recolor as well.”
Google Play Store – Recolor Ranked #1 Editor’s Choice
Recolor is featured as an Editor’s Choice app and recently became the number one search result for Coloring search term in the Google Play store. These results, along with the Android version enhancements, are expected to further boost Recolor’s organic Google Play installs.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24b1cdc0-3b20-45fa-9b4e-5a19a4cf739e.
New In-app Purchase Options on Recolor:
Starting in May 2020, Kuuhubb intends to introduce its next generation subscription model which includes in-app purchase (IAP) options for both the iOS and Android platforms. Recolor is a free to play app supported by a subscription model where users pay a weekly, monthly or annual fee for the premium features and content. In the first phase, the new IAPs will provide users the option to enjoy their favorite content without a subscription. Users can unlock premium features or specific image bundles, as they choose, with one-time payments. Eventually subscribers will be able to enhance their experience with IAPs similar to popular Free-To-Play games. More info on the progress and details of Recolor’s new IAPs will be announced after their initial launch.
About Kuuhubb
Kuuhubb is a publicly listed mobile game development and publishing company, targeting the female audience with bespoke mobile experiences. Our presence, investment and knowledge in esports enables us to bring emerging casual mobile esports to our apps and games portfolio. We create games and apps that help our female audience relax, express, and entertain themselves every day. We explore new lifestyle trends that can be converted into games and apps and offer our community unforgettable gaming and esports experiences. Our vison is to become a top player in the space of women's mobile gaming and casual esports. Headquartered in Helsinki, Finland, Kuuhubb has a global presence with a strong focus on the North American market and a plan to expand into the growing Asian market.
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to future revenue and development, growth of the Company’s business and the closing of the Proposed Financing) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, risks related to the growth strategy of the Company, the possibility that results from the Company’s growth plans will not be consistent with the Company's expectations, failure to execute the definitive documentation in respect of, or complete, the Proposed Financing, the need to satisfy conditions precedent with respect to the Proposed Financing, the possibility that the completion of the Proposed Financing may be delayed or that the terms of the Proposed Financing may change, the early stage of the Company's development, competition from companies in a number of industries, the ability of the Company to manage expansion and integrate acquisitions into its business, future business development of the Company and the other risks disclosed under the heading "Risk Factors" in the Company's annual information form dated November 7, 2018 filed on SEDAR at www.sedar.com. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward- looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Kuuhubb Inc.
Jouni Keränen – CEO
jouni@kuuhubb.com
Office: +358 40 590 0919
Bill Mitoulas
Investor Relations
bill@kuuhubb.com
Office: +1 (416) 479-9547