Malaysian digital media group iMedia has bought a controlling stake in Chinese language portal Moretify as the company continues on its relentless acquisition spree. Combined with Chinese language portal Goody25 which iMedia snapped up in September, iMedia said its Chinese network will reach approximately 3.5 million monthly users with close to 14 million page views each month.
Currently, iMedia is the exclusive sales representation partner for Moretify and following the aquisition, it will be responsible for the acceleration of all revenue across the website. IMedia will also focus on building its branded content business, as well as introduce social selling as a new revenue platform. As part of the deal, all social media assets from Moretify will be fully merged into iMedia's ecosystem.
Moretify focuses on the latest and trendiest news on the local entertainment and lifestyle scene, as well as stories on celebrities, food, technology and travel. Launched in 2017, Moretify is said to have more than 355,000 followers on Facebook and Instagram combined. It also has an average of 3.1 million page views and over 800,000 users per month this year, based on Google Analytics' statistics from January to October.
Voon Tze Khay, CEO and co-founder of iMedia, said the acquisition fill further strength the company's position in the Chinese language content network in Malaysia, and its reach to the overall Chinese speaking urban youth community online. "We are excited with the prospects of Moretify and the synergies of working with Terrence and his team," he added. Voon declined to comment on the monetary value of the acquisition.
Terrence Loh, MD and founder of Moretify, said he and the team looks forward to working closely and expanding its influence further with iMedia. In addition to the acquisition, iMedia also signed an exclusive representation agreement with Malay language news portal Illuminasi to take over its ad sales, with a main focus on accelerating revenue across branded content, video and display advertising.
IMedia has been going full steam ahead in its acquisition spree. Last month, the company acquired a 90% controlling stake in Malay-language portal BeautifulNara and a few months before that, it bought a majority stake in websites Goody25 and GoodyMY. It also acquired Oh Media, owner and publisher of Malaysia social news portal Oh! Media, and Ittify, owner and operator of social influencer platform ITTIFY in July this year. The company is still on track to complete its IPO on Bursa Malaysia via its own 100% acquisition by Rev Asia Berhad for approximately RM40 million. The IPO was announced in September this year.
Meanwhile, it also expanded its video advertising solutions network and sponsorship opportunities last month through partnerships with OTT video streaming service Viu as well as Tencent-owned WeTV and iflix to expand its video advertising solutions network and sponsorship opportunities. Some of the brands that have come on board include Digi, Prego, Kawan Foods and Nippon Paint.
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