Hatch allows users to stream top tier gaming titles to their phone without the need to use storage capacity on their devices.
Following an initial launch with a leading mobile operator in the US, the mobile commerce firm said customers will now be able to subscribe to hatch Premium Gaming by paying on their monthly phone bill.
The firm added that the partnership will benefit from its Boost product, which uses the company’s data insight technology to identify users that are more likely to be interested in subscription-based 5G gaming, helping Hatch to then offer for paid gaming services to these users.
"Bango is pleased to be powering subscription payments for Hatch 5G customers in the USA. More choice is now available to gamers as the restrictions of bandwidth and latency are lifted with 5G mobile networks. The Hatch platform offers a library of leading game titles that stream perfectly over 5G", said Jim Plimmer, senior vice president of payments strategy at Bango.
Adjusted earnings turn positive
In a separate announcement reporting its results for the year ended 31 December, Bango reported that adjusted earnings (EBITDA) had swung to £450,000 from a loss of £870,000 in the prior year while revenues jumped 41% to £9.3mln.
End user spend (EUS) increased to £1.1bn from £0.56bn in 2018, continuing a trend of doubling each year, with the company adding that the coronavirus outbreak could generate higher levels of EUS is users spend more time at home on their mobile devices.
Looking ahead, Bango said it expected the “exponential EUS growth” to continue and that its Marketplace product will contribute to further revenue growth next year.
The firm added that deals originally highlighted in December were still in negotiation and are expected to close in the first half of 2020.
Paul Larbey, Bango's chief executive officer commented: "2019 was a great year for the continual evolution of the Bango Platform. In line with our strategy, once again we doubled End User Spend, but more importantly expanded our market opportunity with the development of our data monetization business.
"Bango Marketplace is now established and enters 2020 with a strong pipeline. Bango's ambitious growth plans have delivered profit and, as I look at the opportunities ahead in 2020, my confidence in our ambitions is reinforced by Bango's unique combination of payments with data-driven intelligence for our customers and partners around the world."
In a note, analysts at Bango’s house broker finnCap retained their 225p target price for the group, saying the company’s ambitious growth plans have now delivered cash profit and Bango’s unique combination of payments with data-driven market intelligence open additional opportunities ahead in FY 2020”.
“With profit in sight and £2.7m cash on the balance sheet Bango is well positioned and during the pandemic EUS could see a substantial boost from stay-home spending in app stores and subscription services”, the broker added.
The shares were up 12.1% to 69.5p in mid-morning trading.
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