SOURCE: Keek Inc.

Keek Inc.

March 08, 2017 05:00 ET

Peeks Social Ltd. Provides an Update on Performance of the Peeks Product

TORONTO, ON--(Marketwired - March 08, 2017) - Peeks Social Ltd. (TSX VENTURE: PEEK) (OTCQB: KEEKF) today provided details on certain key performance indicators ("KPIs") relating to the Peeks product. The Company routinely monitors certain KPIs that it has identified as important in understanding the performance of the Peeks product. Overall Peeks has experienced strong month over month growth across tracked metrics with the exception of a three and a half week period where the Peeks app was unavailable in the Apple App Store (see press releases dated January 17, 2017, and February 13, 2017). The temporary absence from the Apple App Store had a negative impact on user growth, which also resulted in a decreased amount of viewable and tippable content and a general temporary decline across most tracked metrics. Since the re-instatement of the Peeks app on the Apple App Store in mid-February, upward trends across most tracked metrics have been re-established.

The table below provides a summary of select KPIs for the Peeks app. The Company earns licensing revenue based on the gross revenue earned by the Peeks app (see press release dated October 19, 2016). While the "dollars deposited per registered user" is an important KPI for the Peeks product, it is not a direct indicator of the Company's financial performance.

             
Key Performance Indicator  Nov 2016  Dec 2016  Jan 2017  Feb 2017
Total Number of User Sessions (1)  405,800  579,400  1,265,700  1,044,700
Avg. User Session Duration (1)  5min 41sec  8min 18sec  9min 11sec  7min 30sec
Avg. Monthly $ Deposited Per Registered User (2)  $0.15  $0.46  $1.11  $0.62
Avg. Monthly $ Deposited Per Registered User (Annualized) (3)  $1.80  $5.52  $13.32  $7.44
Gross Tips Received by #1 Broadcaster (4)  $437  $3,663  $18,038  $16,721
Total Gross Tips Received by Top 10 Broadcasters (5)  $2,535  $12,752  $38,782  $32,688
         

Notes:

  1. These two KPIs represent the number of times the Peeks app was accessed by users and the average duration of use, respectively. Data was provided through Google Analytics. For additional information on Google Analytics' definition of "session" and the methods of calculating "sessions," please refer to https://support.google.com/analytics .
  2. This KPI calculates the total dollar amount deposited in the Peeks service by registered users in a calendar month, divided by the number of registered users as at the end of that month.
  3. This KPI is calculated by multiplying the monthly figure in Note 2 by 12. The industry standard for the presentation of "per user" amounts is on an annualized basis. This figure is presented for comparison purposes only and since it is calculated on a monthly basis, it may not represent a true annualized amount.
  4. This KPI represents the total cash tips paid by viewers to the top earning broadcaster in the Peeks platform for each month.
  5. This KPI represents the aggregate of all cash tips paid by viewers to the top 10 earning broadcasters in the Peeks platform for each month.

As demonstrated in the table, the total number of monthly user sessions increased 157% from 405,800 in November 2016, to 1,044,700 in February 2017. November 2016 was the first operating month for the Peeks service. The peak number of monthly user sessions to date was 1,265,700, reached in January 2017. The Company expects the positive trend in the increased number of sessions to continue due to an increasing user base and the ongoing addition of both professionally created and user created content.

As demonstrated in the table, the average duration of user sessions increased 32% from 5 minutes and 41 seconds in November 2016 to 7 minutes and 30 seconds in February 2017. Average user session times reached a peak of 9 minutes and 11 seconds in January 2017. The Company believes the increase in average session duration is due to the larger volume and a wider variety of viewable content. The Company expects the average duration of user sessions to continue to increase with the ongoing addition of both professionally created and user created content. As of today, there are over 1.3 million videos available for viewing on the Peeks service.

As demonstrated in the table, the annualized dollars deposited to the Peeks service per user on a monthly basis increased 313% from $1.80 in November 2016 to $7.44 in February 2017. Annualized dollars deposited per user peaked at $13.32 in January 2017. The Company believes the increase in dollars deposited per user is a result of both an increasing average deposit amounts and a growing number of users utilizing the wallet feature. The increased use of the wallet feature is likely due to an increased amount of viewable and tippable content, resulting in greater consumer spend. Registered users may deposit or withdraw funds to their Peeks account at any time. The Company believes this is an important KPI that demonstrates a crucial component of user engagement with the Peeks service.

As demonstrated in the table, the top 10 monthly broadcasters in Peeks by tips from viewers received a combined total of $32,688 in February 2017, as compared to $2,535 in November 2016, an increase of 1189%. The top Peeks broadcaster received $16,720 from viewers in February 2017, as compared to $437 by the top Peeks broadcaster in November 2016, an increase of 3726%.

"We are very satisfied with the product's performance to date. The Peeks product has been able to monetize a user-base only four months after launch. The Company will continue to tweak the service to maximize the money generated on a per user basis, as well as execute on our marketing plan to add as many users to the Peeks platform as possible. The numbers will speak for themselves, " said Mark Itwaru, CEO of Peeks Social Ltd.

The Peeks app can be downloaded in either the Apple or Google app stores, or by visiting www.peeks.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Forward looking statements:

The information and statements in this news release contain certain forward-looking information relating to the future performance and abilities of the Peeks product, including the Company's expectation relating to continued upward trends in key performance indicators. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. Peeks Social Ltd.'s forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information.

Contact Information

  • For further information, please contact:

    Peeks Social Ltd.
    Mark Itwaru
    Chairman & Chief Executive Officer
    647-992-7727
    mark@peeks.com