Foxconn Invests $2.2M In Social Networking Site Mig33.
Foxconn seems to have decided to concentrate on social media after it had announced some plans to invest a total of $9.6 million in mobile social network Mig33, through its Foxconn International Holdings business.
Mig33 began as a featured phone-based social network, but has since expanded itself towards smartphones with a major revamp during the previous year that positioned it as a microblogging platform. The site has boasted of having 3.8 million monthly active users, and it recently expanded it focus on musician and celebrity fan interaction with the acquisition of Deadoralive.com
Further information of the Foxconn investment are quite basic from this point on. FIH shall invest an initial $2.2 million within Mig33, with view to increasing that by $7.4 million once its parent company completes a listing on the Australian Securities Exchange. Mig33 will open a development center near Foxconn headquarters based in Taiwan, which the company has stated that it will focus on “business development efforts and extending the company’s reach into the mobile ecosystem”
An interview done between the CEO of Project Goth, Steven Goh, the company that owns Mig33, If he could confirms certain facts. While not much was revealed it seems from what little was gathered that pre-bundling Mig33 on devices seems to be their main goal. Goh is aiming to have the application loaded onto 10 million new devices per month during the start of 2015, which will be around one quarter of Foxconn’s monthly output.
“FIH can’t guarantee anything, as typically their deals are pure hardware only, but the company would be a peak connection in Asia. There are only one or two organizations out there with that much influence in phones, so you can imagine the doors that this deal is going to open,” Goh says.
Best known as the company that produce’s Apple’s iPhone and devices from other smartphone company’s, Foxconn has spent the past year trying to diversify their business. During this time it has manage to set up a fund for wearable technology, reveled its own smartwatch brand, bid for a 4G license within Taiwan, launched a crowdfunding platform, and much more.