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Friday, January 07, 2011 1:57:17 PM
The valuation and revenue picture is complex, I think. We don’t know at this point how much of the valuation is based on people believing that the $7 million in DSM revenue from Ancira is “real.” We've certainly heard often enough how the company is cash flow positive based on these contributions. I mentioned this to IR and was told that some institutional investors were also troubled by this, but, like me, invested anyway.
So going forward, I think they need to start delivering revenue, even if at a slow pace. If millions play SnapMeUp but don’t spend real money or if DSM does not attract advertisers fairly quickly, then the valuation could indeed suffer. That’s why I was somewhat concerned that in the last PR there was no mention of how SnapMeUp is doing. And that is another reason (which I just thought of this moment) why their misleading statements about the $7 million Ancira DSM contracts may have been especially unwise: now when real DSM revenue shows up, it may pale in comparison. Hmmmm, that's an unsettling thought.
I have to think more about the game focus, but theoretically I don’t mind that they would be actively involved in one of the main methods of making money on the site. In fact they already developed a successful application, Papacito, so it may be something they can handle.
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