Mobile platform and services provider Syntonic Limited (ASX: SYT) reports that its Freeway service continues to record strong international growth, particularly in the US.
The company said that by the end of October the Freeway global installed base had grown to 21.6 million unique smartphones with 7.6% of that growth during October, following record growth during the September quarter.
Gary Greenbaum, CEO and Managing Director of Syntonic, said that with 10 new Android smartphones supporting the Freeway technologies to be released this quarter, the company expects the Freeway installed base to continue expansion and advance royalty – bearing conversions.
He said Syntonic’s strategic focus is to grow the Freeway installed base through deployments of white-label led offerings from mobile carriers, installations of third-party apps that support the Freeway SDK, and distribution of the Freeway app.
The installed base metric is the foundation of Freeway’s commercialisation strategy and a key indicator of the current and future success of the Freeway service. To date the Company has achieved early-stage and growing revenue that validates the Freeway business; however, these early-stage revenues are not representative of the ultimate commercial potential of the technology.
“The growth trajectory of the Freeway installed base is on a solid path, and the progress of this metric will be a key business objective for the company,” Mr Greenbaum said.
We have achieved encouraging results, and we aim to convert this installed based into increasing and on-going consumer adoption over time. Expanding the Freeway installed base will solidify our position as a global leader in sponsored and subscription mobile content services.
Freeway allows consumers unlimited mobile access to content and applications, supported by subscription and sponsorship. Syntonic’s DataFlex enables businesses to manage split billing expenses for employees when they use their personal mobile phones for work.