What I have found interesting is the mention of the 3rd party Tax Software as well as expense tracking.
Rory spoke about it in the Q2 call. He referenced the Q1 call where he said he had brought it up.
I looked at the Q1 call and saw he spoke more about the revenue share and how it was going to work and that they were finalizing deals rather than who the deals were with.
It was in the July 13th prospectus where it gave more context within the In APP EcoSystem.
The EcoSystem has not been on the back burner.
They have partners they are bundling with already
Q1 Call Transcript
Some of you longstanding stockholders may recall some early talk about the development of our own ecosystem, or App Store, essentially a tab in our app through which users could subscribe for complementary apps or upgraded features and functionality. The purpose was to generate greater revenue per user from our existing user base, which has grown considerably over this past year. Well, in order to execute that strategy, we needed to develop and deploy in-app purchase capability for each user. I'm proud to say that we've now finished that development and we are currently executing agreements with other app developers, who will market their application to our users directly through our app on a revenue share basis with us, not unlike what Apple and Salesforce do. We plan to announce those relationships in the coming week.
Taking that a step further, we are releasing an open API that will allow third-party developers to develop applications, features and functionality that will integrate seamlessly into our platform that they will market directly to our users to our app, also on a revenue share basis. And because we now have such a large number of users who have downloaded our application, we have become an attractive and easily addressable market for third-party developers. And that is all very high margin, virtually no cost revenue for us.
As to the number of potential users to which the developers can market their products, and why we are in attractive addressable market, let me share the data on user downloads. As you may recall, in the third quarter of 2019, we reported approximately 825,000 users. Well through the end of April 2020 we have approximately 1.4 million users representing growth of approximately 475,000 users or 67% since Q3 2019, and growth of 150% over the past 12 months.
July 13th PDF Form FWPFiling
The Verb In-App Purchase Ecosystem
Introducing Our New In-App Purchase Feature
Monetizes Our Large User Base / Increases ARPU
Allows users to:
Pay for subscriptions directly in the app to access upgraded verbCRM features
Access our forthcoming “App Store” where users can subscribe for third-party apps chosen to appeal to the verbCRM user demographic, such as:
Specialized expense tracking, tax software, and other third-party apps
An “Open API” architecture will also allow third-party developers to create specialized apps with features and functionality that integrate seamlessly into our verbCRM application
Offered directly to our large user base on a revenue-sharing basis
Verb Technology Company, Inc. (NASDAQ: VERB) © 2020 18
Q2 2020 Results - Earnings Call Transcript
Aug. 14, 2020
We're also making progress on our own app store ecosystem that I referenced in our last earnings call that we are about to release a bundled service offering, which includes a higher priced version of our verbCRM app bundled with third-party tax app software for sales professionals.
So, another very strong vertical added plus an additional revenue stream.
Compound revenue.
Aloha
Rory spoke about it in the Q2 call. He referenced the Q1 call where he said he had brought it up.
I looked at the Q1 call and saw he spoke more about the revenue share and how it was going to work and that they were finalizing deals rather than who the deals were with.
It was in the July 13th prospectus where it gave more context within the In APP EcoSystem.
The EcoSystem has not been on the back burner.
They have partners they are bundling with already
Q1 Call Transcript
Some of you longstanding stockholders may recall some early talk about the development of our own ecosystem, or App Store, essentially a tab in our app through which users could subscribe for complementary apps or upgraded features and functionality. The purpose was to generate greater revenue per user from our existing user base, which has grown considerably over this past year. Well, in order to execute that strategy, we needed to develop and deploy in-app purchase capability for each user. I'm proud to say that we've now finished that development and we are currently executing agreements with other app developers, who will market their application to our users directly through our app on a revenue share basis with us, not unlike what Apple and Salesforce do. We plan to announce those relationships in the coming week.
Taking that a step further, we are releasing an open API that will allow third-party developers to develop applications, features and functionality that will integrate seamlessly into our platform that they will market directly to our users to our app, also on a revenue share basis. And because we now have such a large number of users who have downloaded our application, we have become an attractive and easily addressable market for third-party developers. And that is all very high margin, virtually no cost revenue for us.
As to the number of potential users to which the developers can market their products, and why we are in attractive addressable market, let me share the data on user downloads. As you may recall, in the third quarter of 2019, we reported approximately 825,000 users. Well through the end of April 2020 we have approximately 1.4 million users representing growth of approximately 475,000 users or 67% since Q3 2019, and growth of 150% over the past 12 months.
July 13th PDF Form FWPFiling
The Verb In-App Purchase Ecosystem
Introducing Our New In-App Purchase Feature
Monetizes Our Large User Base / Increases ARPU
Allows users to:
Pay for subscriptions directly in the app to access upgraded verbCRM features
Access our forthcoming “App Store” where users can subscribe for third-party apps chosen to appeal to the verbCRM user demographic, such as:
Specialized expense tracking, tax software, and other third-party apps
An “Open API” architecture will also allow third-party developers to create specialized apps with features and functionality that integrate seamlessly into our verbCRM application
Offered directly to our large user base on a revenue-sharing basis
Verb Technology Company, Inc. (NASDAQ: VERB) © 2020 18
Q2 2020 Results - Earnings Call Transcript
Aug. 14, 2020
We're also making progress on our own app store ecosystem that I referenced in our last earnings call that we are about to release a bundled service offering, which includes a higher priced version of our verbCRM app bundled with third-party tax app software for sales professionals.
So, another very strong vertical added plus an additional revenue stream.
Compound revenue.
Aloha
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