Sign up Australia
Proactive Investors - Run By Investors For Investors

Thred sees increasing user engagement for its location based chat app

The Sweep app allows people in the same area to chat with each other.
the Sweep app
More than 1,400 Sweep users have participated in Geochats

Thred Ltd (ASX:THD) is witnessing increasing user adoption from recent activation trials for its Sweep app, with over 7,000 monthly active users engaged.

Importantly, the conversion and activation rate (the rate at which downloads convert to users that actively participate) since Sweep’s launch has been 71%, more than twice the industry benchmark.

The company’s shares were last trading circa 8% higher intra-day, at $0.013.

Sweep is a geo-locked chat and augmented reality (AR) app that allows people in the same area to chat with each other.

READ: Thred develops revenue models to monetise its Sweep app

Sweep’s Geochat features allow users to unlock exclusive chats based on their location.

It could be asking those in a bar for a beer recommendation, requesting a song to the bar staff or being notified when happy hour is ending.

Since the app was launched in November, more than 1,400 Sweep users have participated in Geochats with a total of 7,566 messages sent.

Notably, the Sweep app is sitting in the 98th percentile in terms of organic conversion rate in the Google Play store with 59.6% of all people who visit the store page downloading the app.

Thred has been promoting the Sweep app to its target audience through two primary activations, Schoolies on the Gold Coast and a Sydney-based bar crawl in partnership with the Urban List.

READ: Thred receives positive early data from Sweep app launch

Due to the success of the activations within the Sydney region, Sweep is continuing plans to open seven new Geochats within the Newtown and Sydney CBD areas as per the demand of users.

Geoff Marshall, managing director, said: "Team morale is very high with the results coming back from Sweep's first month in market.

“We have well and truly exceeded the benchmark set by early stage start-ups launching a new app.

“Statistics coming back from the app stores are confirming for us that we're definitely on the right track."

View full THD profile View Profile

Thred Ltd Timeline

Related Articles

September 01 2018
The tech group is increasingly expanding its geographical reach and gaining traction in China
An illustration of the tools Velpic uses in providing education and incident management
March 22 2018
Velpic has just signed its first NowForce client in Australia.
ROBO Global US CEO Travis Briggs
August 15 2018
Investors can buy directly into the popular ROBO ETF based on the benchmark index comprised of 87 top robotics, automation and AI companies.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use