This morning, Bango published its 2023 Full Year Results.
Highlights include:
- 9 new Digital Vending Machine® (‘DVM’) license customers (total 18 at end of 2023)
- Bango DVM now used by 3 out of the top 5 US telcos
- 33 new subscription content providers added to the DVM, taking the total to 93 at the end of 2023
- DVM sales opportunity funnel is 7x larger in December 23 versus December 22
- DVM consumer interface released, enabling telcos to launch their DVM faster and providing Bango with more consumer behavior data
Bango CEO, Paul Larbey, said:
“This has been a year of significant development for Bango. Our strategic focus on capturing the subscription bundling opportunity with the Bango Digital Vending Machine® (DVM) is seeing growing momentum, with a doubling of the customer base and a strong growth of 77% in Annualized Recurring Revenue (ARR). Our technology is trusted by some of the largest companies in the world who rely on Bango to help them acquire and retain customers.
One major area of focus in 2023 was the ongoing integration of the acquired DOCOMO Digital business, which has materially accelerated our growth. The complexity of the integration was reflected in the low initial purchase price. The integration went well with all $21M of cost synergies realized. With the end of year integration challenges having now been identified and addressed, we have a clear pathway to deliver further operational and cost synergies in 2024.
We entered 2024 with increased momentum, a significantly expanded pipeline and a larger customer base providing clear growth opportunities. In Q1 24, we won 4 new DVM customers and exited the quarter with ARR of $11M.
The subscriptions market remains buoyant, with an increasing variety of services available beyond music and movies. As consumers add subscriptions in all aspects of their lives, it drives the need for a solution to manage these subscriptions and the opportunity for the Digital Vending Machine to become the standard industry platform for subscription bundling. With our product, partners and customers, the building blocks are firmly in place. In the year ahead, our focus is on driving DVM growth with careful control of costs, which, together with increasing long-term revenue visibility, gives us confidence in capturing this opportunity.”
Presentation and Webcast
- The full announcement can be found here
- The Annual Report, including full accounts, is available here
- In addition, Bango delivered a results presentation, open to all investors, on Monday, 8 April. View the recording here
