Leading Online Companies Adopt the Social Gold Subscriptions Platform to Optimize Virtual Goods Revenues
Tagged uses recurring billing to complement virtual goods sales, increases conversion rate 10%
Social Gold, the leading global virtual goods monetization platform, today announced strong performance metrics from its subscriptions platform integration with Tagged, as the social network looks to augment its current microtransaction business. Social Gold allows developers to maximize revenue by enabling both one-off purchases and subscriptions – with documented results.
Tagged, a social network that boasts more than 80 million members, implemented the Social Gold subscriptions platform and has seen an increase in conversion on the network —driving 10% higher conversion rates than other payment options. Furthermore, Tagged upgraded a larger number of members who had been active on the social network for 6 months or more, into paying subscribers—with 15% of the engaged user base signing up for recurring billing. After Social Gold's payment platform was integrated into Tagged’s virtual economy, Tagged also increased retention rates over automatic monthly credit card charges.
“The results of our recent work with Tagged reinforces the importance of considering a subscription model when creating and monetizing a virtual economy,” said Vikas Gupta, CEO, Social Gold. “In addition to driving sales of virtual goods through one-off purchases, subscriptions can be complementary to micropayments and improve monetization, especially for highly engaged users.”
Social Gold's integration within the Tagged network has also increased user participation in Tagged's popular “Top 8” feature. Members use virtual currency to have their profile featured in the Top 8 members rotation. Tagged found that members who become a VIP Member are up to 40% more likely to purchase a spot in Tagged's Top 8 feature than those who are non-subscribers.
“Adding Social Gold to our payment options made an immediate positive impact on our revenue,” said Louis Willacy, VP of Business Development, Tagged. “Social Gold’s offering also enables us to tailor payment options for our users through enhanced features and analytics.”
Social Gold’s virtual goods monetization platform provides a highly flexible and comprehensive payments offering. In addition to credit cards, Social Gold supports PayPal transactions in their subscription feature, so that companies utilizing Social Gold can adjust their payment options to better optimize their virtual economy according to their unique game, virtual world or social network.
Other partners that are leveraging the Social Gold subscriptions platform to complement their virtual goods sales and increase revenues include Games2Win, Playdom and Avatar Reality.
For more information on Social Gold’s payment platform, please visit: www.socialgold.net
-
About Social Gold™
Social Gold™ is an industry-leading virtual goods monetization platform owned and operated by Jambool, Inc. The Social Gold platform enables developers to create and manage their own white-labeled virtual currency, provide an unparalleled payments experience to their users, and optimize their virtual economy using robust analytics. Through an innovative in-Flash payments solution and direct integrations with the most relevant payment methods in global markets, the Social Gold platform streamlines the purchasing experience and drives conversion. Jambool, Inc. was co-founded by Amazon.com veterans Vikas Gupta and Reza Hussein and has offices in San Francisco, Seattle and Singapore. For more information, please visit www.socialgold.net.
© Jambool, Inc. All rights reserved. Jambool and Social Gold are the trademarks of Jambool, Inc. All third-party trademarks are the property of their respective owners.
-
About Tagged
Tagged is a social network for meeting people. While other social networks leverage existing friendships, Tagged is for social discovery — a place where people meet one another based on shared interests. Based in San Francisco, Tagged consistently ranks among the largest social networks with 3 million daily active users and 200 million page views per day. The site enables its members to play social games, build and customize profiles, give and receive gifts, meet other members and more. Tagged has over 80 million registered users worldwide. More information is available at http://about-tagged.com/.
- There is at least one media contact attached to this release. Members of the media can view media contacts. Sign up for an account to view them.
