Digital media company migme Limited
(ASX:MIG) has signed a MOU with Meitu, one of the world’s largest photo and video editing app developers based out of China.
Meitu boasts over 900 million users worldwide for its selfie apps such as BeautyCam, MakeupPlus and SelfieCity as well as top ten download app MeituPic.
The MOU completes a $6.99 million share placement to Meitu at $0.60 per migme share with the implementation of sharing content across the two platforms as well as joint marketing and product development opportunities.
The collaboration hopes to provide an experience set to rival Instagram and Snapchat.
migme reported a net loss of $21.04 million for the six months to the end of December 2015.
