Fame is fleeting for talent app maker MSM as shares fall 85pc in 3 months
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Online talent show promoter MSM is realising fame is fleeting as its shares continue to fall — now down 85 per cent in three months.
MSM’s Megastar mobile talent competition, endorsed by RnB singer Usher, featured performers competing in a variety of categories for prizes of $US1 million, a potential film role and rewards chosen by viewers using the Megastar App.
American singer Andie Case took out the title of the inaugural competition — but it wasn’t enough to keep investors on the hook.
The shares (ASX:MSM) fell 17 per cent on Thursday, hitting 4.7c. It’s a far cry from their heights of 31c reached in October after base jumper Jeb Corliss was appointed to the judging panel.
Now that the show is over, MSM is focused on a monthly megastar spotlight competition through its Megastar app — and expansion into markets such as India.
“MSM continues to build momentum (and learnings) from the Megastar Spotlight competitions, as well as capitalise on the platform we have built,” managing director Dion Sullivan told investors in December.
“In 2018, we will leverage that platform with greater frequency and economy of scale.”
MSM reported more than 351,000 minutes of live streamed content was viewed on the day of the finale, with average session times on the app hitting more than 23 minutes per voting user.