Fran^ois-Charles Sirois
Dear Shareholders,
The year FY23-24 was highlighted by the steady growth of our mobile gaming products. We
crossed the key mark of 100 operator deployments and over 150 signed contracts. Mobile
gaming is a growing industry worldwide with interest from users in all geographies. Our
main challenge was to onboard not only the operators but also to configure the necessary
marketing parameters to acquire subscribers in each region. We optimise the acquisition
spend to grow within each operator's subscriber base from 10,000 users a month to millions
of users in some cases. This process of marketing optimisation can take up to six to nine
months but yields great returns once done properly. As we closed the year in March 2024,
we had only 35 optimized accounts, only a start when we consider to be deployed in 200
mobile operators worldwide by the end of 2025.
The year 23-24 was impacted by the loss of contracts in one of our customers in India.
It had a direct effect on our results but accelerated our plans to diversify our marketing
investments. This event energized the team to grow rapidly in other accounts to reduce
future risks of customer dependency. We also restructured the teams to operate more
efficiently as our revenues per employee grew by 30% to INR 3091K in Q4 FY24. We foresee
additional operational synergies in FY25 as we integrate our gaming platforms and
implement AI across the organization to support our future revenue growth.
Our gaming product line is quite complete to address all segments of the mobile gaming
space. We are currently in development of additional tools to enable game developers with
our current ONMO features and capabilities. We are also reinforcing our global gaming
infrastructure and server network to support extremely demanding games with
high-definition graphics at tremendously low latency. We took the bold decision to invest
in cutting-edge mobile gaming, and we are now very close to profitability with a growing
base of mobile gamers. We aim to continue leading with special and innovative technologies
that will attract the masses and the utmost experienced players.
On our Mobile Entertainment products, the last year showed growth in our Videos
services while Tones' revenue and subscriber base declined. We finished the year with over
57Mn subscribers on Tones, a decline of 10% on a service that was launched 20 years ago.
This is a service that is still in demand and has played over 150Bn song bytes in the last
year to over 1Bn individuals. The decline is only due to our lack of focus and dedication
to make Tones great again. Demand from operators is still present, and the introduction of
Video Tones, which will be launched in our first deployment in Mexico in FY25, will bring
back this classic service with a modern touch.
In March 2024, I took over as CEO of the company and officially moved to Madrid, where
we operate our second-largest office in terms of number of employees but our biggest in
revenues. This move was not taken lightly, as I had to reorganize my numerous obligations
and companies in Montreal while directly affecting my family. We have done so because we
believe in the company, the team, and what it can really deliver.
As we start our new year FY25, I would like to extend my gratitude to all our OnMobile
employees who give their hearts and efforts to the company. I would also like to welcome
our new board members and acknowledge Paul, our Vice-Chairman, and Geeta, our Audit Chair,
for their ongoing support. Finally, a special thanks to all our shareholders for investing
in our company and believing like we do.