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Finance

MindJolt: Virtual goods a third of total revenue

Thu 15 Sep 2011 10:16am GMT / 6:16am EDT / 3:16am PDT
Finance

Developer sees results after acquisition of SGN and Hapless Media

Mindjolt now makes a third of its total revenue from virtual goods, just months after the acquisition of the developer Social Gaming Network.

"Five months ago, we had minimal mobile presence, and derived little revenue from virtual goods," said CEO Chris DeWolfe,

"Our mobile studio is producing great content, which combined with our massive distribution allows us to create hits. This has transformed our business from an ad based model to one that now derives a significant percentage our revenue through virtual goods."

DeWolfe is one of the founders of MySpace, and he, Colin Digiaro and Aber Whitcomb acquired the social gaming platform in 2010.

In June Ulf Waschbusch, formerly of Google, joined the company.

In April, Mindjolt acquired developer Social Gaming Network and Hapless Media. The company now has around 25 million active monthly users, with 30 million mobile installs and 70 million installs on social platforms. The company is funded by Austin Ventures.

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