Mobile platform and services provider Syntonic Limited (ASX: SYT) has reported strong growth in the Freeway global installed base as the company continues to extend its consumer reach with the Freeway app and platform technologies.
For the month of November 2017, Syntonic amassed an 8.1% month-on-month increase in the global installed base over October 2017.
CEO and Managing Director of Syntonic, Gary Greenbaum, said the monthly installed base growth was primarily driven through several distributions channels: embedded support of the Freeway SDK in four new Android smartphones from LG, Motorola, and Asus and on-going U.S. and regional roll-out of the Freeway application.
He said the Freeway subscription and sponsored data services are now installed on more than 23.4 million unique smartphones across multiple markets. This expansion puts Syntonic ahead of its near-term target of 25% quarter-over-quarter growth in the Freeway global installed base.
“We are extremely encouraged by the rapid growth Syntonic is experiencing as we strengthen our first-to-market advantage and capture the global carrier strategic shift toward content value-added services,” Mr Greenbaum said.
“We are successfully deploying Freeway at a rate which should double the global installed base in 2018. We expect exponential growth to be driven by our accelerated international deployments, which are starting this quarter.
“We have engaged a highly capable pipeline of local partners who are eager to distribute Freeway services in new markets beyond the US, including China, Turkey, Vietnam, and others to follow shortly.
“As we optimise our products to address the consumer demand in these markets, we anticipate the continued growth of Freeway’s global installed base into year-end and well into 2018.
“New geographies coming online will further augment our growth and solidify Syntonic’s position as a global leader in sponsored and subscription mobile content services.
“Having successfully raised A$5 million to accelerate our expansion, we are in an exceptional position to achieve our goals of accelerated growth in 2018.”