BGT Bright Things

 

TIDMBGT 
 
RNS Number : 0731O 
Bright Things plc 
02 March 2009 
 

 
 
Bright Things plc 
Trading Update and Distribution Agreement 
 
 
Bright Things plc is pleased to provide a trading update following the 
completion of the beta test phase of its product SocialGO and the launch its 
first subscription based services since the start of this month. 
As at 27th February 2009, over 29000 networks had been registered. The Directors 
are extremely pleased by these numbers, even though a number of networks are 
single user networks set up by users experimenting with the service. In this 
regard, of the networks registered to date, over 7,400 are networks with more 
than a single user. Putting the multiple user networks into context, the Company 
is pleased to report that as at 27th February 2009 there have been over 750,000 
members signed up across those networks. Between them these members to date have 
uploaded over 1.75 million media items and sent or posted over 2.4 million 
messages. 
From the formal launch of the subscription based service at the start of 
February, all the established networks have had a further month to upgrade to a 
subscription service. Whilst the Directors are cautious as to the conversion 
rates from the free service to subscription so soon after launch, to date, over 
250 networks have applied for premium services representing three and a half 
percent of the registered networks with multiple users. However, irrespective of 
conversion rates the free networks all represent potential revenue streams for 
the Company through potential advertising on these networks. 
In addition, the Company is seeing a positive number of networks subscribing for 
optional extras such as increased bandwidth, white labels and member billing all 
of which provide extra revenue streams. Despite this, the Directors consider it 
is too early to estimate the proportion of existing and future networks that 
will take up the subscription service but they are encouraged by the results 
over such a short period of time. It will be several months before there is 
sufficient data to establish trends and meaningful conversion rates as it will 
take some time to migrate existing networks to premium accounts and establish 
uptake from new networks. 
Following launch the Company has also established a sister brand to SocialGO 
called Zocku which is a premium rate only brand with all the same features as 
SocialGO but purely for mature content which has subsequently been removed from 
SocialGO. The effect of this is that following the conclusion of the month long 
period to upgrade to subscription services through Zocku any mature networks not 
subscribing will have their networks discontinued and removed which, in the 
short term, will reduce the total number of networks for the sake of comparing 
the growth rate of network registrations between current figures and those in 
the future. 
In addition the Company is pleased to announce the signing of a distribution 
agreement with the Mastertronic Group for a boxed version of SocialGO. The boxed 
version will be packaged with a CD and printed manual giving tips and advice on 
how to create an online community. The price of the box version is yet to be 
finalised, but will be based on a discounted upfront payment in return for a 
period of Premium service. Continued use of the service after the period will 
require online subscription. Whilst the Directors consider the vast majority of 
network sign ups to come via online they believe many potential customers may 
prefer the traditional manner of buying a box with an easy to read manual as a 
way of getting going on the creation of a social network. As Mastertronic seek 
to distribute the boxed product into retailers the Directors believe that the 
visibility of a pack and ease of access could add useful extra sales for the 
Company whilst creating some product awareness on the high street. 
Dominic Wheatley, CEO commented: 'Whilst it is still very early days we are very 
encouraged by the early data we are receiving following formal launch. The 
number of networks being signed up daily remains strong and the percentage of 
established networks with multiple users upgrading to the subscription service 
makes us cautiously optimistic for the future of the product. Equally the launch 
of the boxed product should reap rewards and represent the start of a targeted 
and controlled marketing plan to take SocialGO to as wide an audience as 
possible.' 
Mastertronic Group is a well established software publisher and distributor with 
operations across Europe. See www.mastertronic.com. Andy Payne, CEO of 
Mastertronic said: 'Mastertronic is very excited by the potential of SocialGO. 
The software is truly impressive and we are looking forward to working with 
Bright Things to bring the box version to the market. We will explore the 
possibilities also of OEM deals and other territories outside the UK.' 
 
 
For further information: 
Bright Things plc 
Dominic Wheatley, CEO07976 295 071 
Charles Delamain, COO    07884 233 269 
 
 
HB Corporate                      020 7510 8600 
Luke Cairns 
Rory Creedon 
 
 
Threadneedle Communications      020 7653 9850 
Graham Herring 
Alex White 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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