Bambuser announces the closure of its consumer community
Bambuser AB (publ) ("Bambuser" or "the Company") today announces that the Bambuser Community will be shut down in the coming months.
As of 22/01/2018, the Bambuser Community will cease its consumer service for streaming and broadcasting live video for free users. Paying customers on Bambuser Premium set-term agreements will retain use of the service for the remainder of their contracts. Customers paying on a subscription basis will retain use of the service until 31/05/2018.
In the 10 years since its inception, an influx of competitors have entered the social live video arena, ultimately making Bambuser's consumer offering one of many. Since 2014, Bambuser has been developing its B2B offering, the Iris Platform, with the aim to strengthen the Company's long-term revenue potential.
The closure of the Bambuser Community is a natural consequence of the Company's longstanding decision to focus solely on the Iris Platform and maximize efficiency. With the Iris Platform, the Company will concentrate on selling its software to enterprises, while remaining dedicated to facilitating the creation of user-generated content (UGC). Bambuser will remain in the UGC business, transitioning to be an enabler for enterprises who have a need for UGC functionality, as opposed to being a direct supplier.
"We've been in the UGC business for a long time and we understand its importance. We believe that the most strategic way forward for Bambuser is to offer our SDKs to businesses who desire a mobile live video solution. By enabling audiences to submit live video content, enterprises will not only create engagement with their viewers and users, but they'll also be leveraging their audiences as contributors of exclusive content." says Bambuser CEO, Hans Eriksson.
Bambuser was amongst the first companies to bring the technology for social mobile live video to the market with the Bambuser Community. Since 2007, the Company has continued to develop a platform for interactive live video broadcasts, enabling live video streaming from mobile phones and webcams to the internet. Today, Bambuser's service is installed in more than 50 million phones and has over the years reached 100s of millions of news consumers through companies like CNN, BBC, Al Jazeera, SkyNews, etc.
This information is information that Bambuser AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sent for publication, through the agency of the contact persons set out below, on November 28, 2017, 12:00 CET.
Västra Hamnen Corporate Finance is Certified Advisor (CA) to Bambuser AB (publ).
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