Rumor: Momo to Reposition App to Avoid "Mobile Flirting" Label
Sina Tech, 12/06/12
Wang Li, COO of Beijing-based location-based services provider Momo Technology, recently revealed that version 3.0 of Momo's mobile IM app, to be released in January 2013, will shift its business model from a "flirting" app to a "location-based local community SNS."
"We never intended for Momo to be used for flirting," said Wang, "but this label has led some to misunderstand its purpose. We may go so far as to change the product's name in order to overhaul the brand's image. In the next phase of development, Momo will connect users with others nearby that have similar interests and offer superior user-generated content and point-of-interest information compared to their competitors.
Momo currently has 20 mln users, and, according to independent investment bank China Renaissance, recently completed second-round funding at a valuation of USD 100 mln.
Editor's Note: For more background on this topic, please see "Mobile IM Momo's User Base Reaches 20 Mln" MD 12/04/12 issue and "Update: Momo Completes Second-Round Funding" MD 11/12/12 issue.
Keywords: Wang Li funding users valuation wireless mobile IM SNS China Renaissance business model second-round Momo LBS mobile application
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