Newborn Town Q1 2024 Revenue Expected to Exceed RMB 1,000 Million as Social Networking Business Records Over 65% YoY Growth
Newborn Town Inc. (“Newborn Town”;$NEWBORNTOWN.HK$NEWBORNTOWN.HK ) revealed its unaudited operating data for Q1 2024 on April 24.
This tech company’s social networking business soared with a revenue increase of around 65.8% to 70.9%, reaching RMB 980 million to RMB 1,010 million in Q1 2024. Additionally, its innovative business showed year-on-year growth, rising by 3.3% to 20.0% in revenue, amounting to RMB 62 million to RMB 72 million.
Newborn Town’s growth in the social networking business has gained momentum, fueled by the continued scale-up of its newly launched apps in strategic markets like MENA, alongside the pioneering expansion to LGBTQ+ social business.
Having entrenched itself in MENA markets for years, Newborn Town has deeply dived into the region’s social networking and entertainment needs, providing a wide range of high quality social networking services with its diverse app portfolio and refined localization capability. These endeavors have propelled Newborn Town to achieve the leading position in MENA market.
In 2023, the revenue of Newborn Town’s major social networking products in MENA saw a remarkable year-on-year increase of approximately 30%.
In the first quarter of 2024, Newborn Town further solidified its leading position in the “pan-audience social networking business” in MENA, with newly-launched apps like SUGO maintaining the growth trajectory and expanding their reach.
This remarkable progress has propelled them to prominence among the rankings of Chinese non-game publishers for overseas revenue, released by data.ai.
Newborn Town’s “diverse-audience social networking business” has also been on the move, especially with the successful debut of the social app HeeSay in over 70 countries and regions worldwide.
HeeSay, unlike many other LGBTQ+ dating apps, prioritizes the users’ needs for expression and connection within the community. Through its diverse features such as livestreams and audio chat rooms, HeeSay provides LGBTQ+ individuals a more immersive and open-minded platform to showcase and share about their lives.
In January, HeeSay concluded its annual gala in Bangkok, drawing the attention of nearly a hundred Key Opinion Leaders (KOLs) and users from diverse global markets including Thailand, Vietnam, the United States, Japan, South Korea and more. This flagship event celebrated and honored participants for their invaluable contributions to enhancing the online community.
Building on years of experience in the global social networking and entertainment realm, HeeSay will continue to enhance its operations and monetization capabilities and orchestrate more creative events worldwide in the months to come. These endeavors will drive it to deeply bond with users, partners, and content creators and strengthen its global brand influence.
In addition to the social business, Newborn Town has progressed in the quality games track as the first quarter saw a steady uptrend in its innovative business.
Moving forward, Newborn Town remains steadfast in harnessing the potential of the MENA market through product and service optimisation and advancing localization strategies.
The company won’t stop expanding into LGBTQ+ social networking business and high-quality gaming segment, striving to broaden its business horizons and achieve more growth impetus.