The Emerge Gaming Ltd (ASX: EM1) share price opened as much as 20% higher to 4.6 cents this morning after the company announced a subscriber milestone for its MIGGSTER gaming platform.
At the time of writing, the company's shares have pulled back slightly to 4.2 cents, still up by 10.53% for the day so far.
What's driving the Emerge Gaming share price?
Emerge Gaming shares are on the move today after the company announced it has surpassed the 1 million paid subscriber milestone for its MIGGSTER platform.
MIGGSTER aims to build an online gaming community with features such as chat, friends and team functionality. Users can pay a monthly subscription fee of A$12.00 per month or an annual subscription of A$113 to access more than 100 games and participate in all worldwide tournaments.
Emerge described the 1 million paid subscriber figure as a key milestone in reaching its goal of "building a globally recognised community which will enable the company to target a broader audience and additional revenue opportunities".
Commenting on this achievement, Emerge Gaming CEO Gregory Stevens said:
I am excited by the achievement of this milestone for the MIGGSTER platform and the progress of our overall growth strategy in Emerge. MIGGSTER demonstrates that our platforms are globally scalable in a profitable manner – it provides an excellent, real world case study which we will use to unlock other opportunities with new partners. Our next milestone is to achieve a 1.5 million paid subscriber community size across all products. As part of the first phase of this growth strategy, we are seeking to rapidly grow subscriber numbers by offering a variety of discounted promotional offerings to prospective subscribers
Foolish takeaway
Emerge Gaming shares have surged by more than 130% over the past 12 months. Year to date, however, the company's shares are not faring so well, and are down by nearly 47%. Based on the current share price, Emerge has a market capitalisation of around $47 million.
