hi5 launches new virtual goods/ads platform

Social games portal hi5 today revealed its new SocioPay monetisation platform, which it believes can double or even treble revenues from games operating through the portal, but will also extend to cover games being played elsewhere.

The system operates on a hybrid micro-payments and ad revenue basis, identifying players who are unlikely to invest cash in purchases and offering them an ad-based solution instead. The system will be demonstrated to potential customers at next week's GDC in San Francisco.

"While results are still early, we expect SocioPay to increase revenue in social games by 200%-300% over traditional commerce and lead-generation offers found on other social networks," said Monty Kerr, hi5 VP of commerce and advertising.

"The key innovation is that SocioPay extends beyond the hi5 platform; allowing developers to see dramatically increased revenue wherever their social games are distributed - even on other social networks."