Thred receives positive Sweep App uptake - TechInvest Magazine Online

Thred Ltd (ASX: THD) reports solid results since its Sweep App launch in early November.

The company said initial feedback from its in-market testing found that Sweep is meeting its expectations for the initial post launch phase and has provided:

• Over430%increaseinuserdwelltime(avg.usertimespentperdayusingthe Sweep app)
• Over 400% increase in daily active users
• 800% increase in private message usage
• 90% of users engage in Geochats
• Average messages sent per user, per day is 11. This compares to 4 to 5 messages or snaps per user per day for Snapchat, reported in Sept 2016 by Statistic Brain. This is early data supporting new designs and additional functionality.

Managing Director, Geoff Marshall, said that In addition, the company has received very positive feedback regarding the simplicity of the Sweep designs and the app’s speed and reliability.

As of 17th of November 4,430 Thred app users have converted to the Sweep app via the app store updates (Google Play and App Store). We expect this to increase further.

“These results are fantastic and give us great confidence that we are on the right track, given the infancy of Sweep,” Mr Marshall said.

“The team has worked tirelessly to deliver a truly pioneering app.”

He said preliminary rollout of Geochats has commenced with 14 venues in Sydney, three in Melbourne and one on the Gold Coast for “Schoolies” the following week. Sweep is one of only two authorised external apps being promoted at the Schoolies event, which is a strong indicator of its alignment with our target audience.

Agent Reality Update

Thred has commenced and is progressing the business development process for Agent Reality, with continuous discussions with prospective clients.

Mr Marshall said that from discussions, it is clear that interest and demand for augmented reality applications in the enterprise area in marketing, consumer engagement and retention, is very strong and growing.

“To enhance the company’s capabilities, an experienced business development executive has been appointed to lead and drive the Agent Reality revenue plans.

“His skills are allied to our needs with a direct background in the commercialisation of Virtual Reality and Augmented Reality services. This appointment accelerates our customer acquisition process by bringing existing VR and AR sector customer relationships to Agent Reality.”