by Mark Clements
On behalf of the board, I would like to take the opportunity to thank you for your support this year and provide you with an overview of the tremendous success of our Company.
During the 2016 financial year, MSMCI listed on the Australian Securities Exchange (ASX) and, since our listing, we have significantly progressed towards the launch of our first product offering, the Megastar Millionaire competition platform.
Megastar Millionaire will be the world’s richest online, mobile-first, talent discovery competition platform once launched. The competition will be unique and will connect performers and fans in an innovative and interactive gamification experience. We are enormously excited about its potential to transform, mobilise and individualise the search for new artists on a global scale.
On the road to the launch of the competition, we have built a world-class Advisory Board to support the Company, substantially adding to our media and technical capabilities. Our Advisory Board includes leading digital media executives, former Netflix and Google senior technical staff and highly experienced US-based movie and video game producers.
We have also significantly invested into the development of our platform to ensure it is of the highest possible quality once launched. During FY16 we undertook both qualitative and quantitative testing, both of which provided a range of valuable findings that have helped us to refine the Megastar Millionaire competition platform. This ensures the best possible user experience once our competition is launched in 2017.
We commissioned industry leading entertainment researchers, Hub Entertainment Research to undertake independent research into our platform to shine a light on its potential as well as ways to optimise it. The research demonstrated the significant commercial potential of Megastar Millionaire, with users indicating that they were willing to pay amounts that exceeded our expectations. In addition, the Hub Entertainment Research demonstrated the strong willingness of users to engage with the competition platform.
Our strategic partners, ToneDen and Digital Riot Media also made substantial progress during the year. ToneDen, a music creation software platform reported substantial user growth, something that we will be able to leverage to help build the success of the Megastar Millionaire Platform. Digital Riot Media, a dedicated direct-to-consumer digital movie studio, released its first film, with more films in the pipeline that are currently undergoing production and are expected to be released in the near future. Importantly, in addition to winning the US$1 million prize, the winner of the Megastar Millionaire competition will appear in a film produced by Digital Riot.
The key focus of our Company for the 2017 financial year is the launch of the Megastar Millionaire competition platform, which we expect to occur early in the 2017 calendar year. As part of the launch, we are focused on the selection of celebrities to judge the competition entrants.
Once again, I would like to thank Shareholders for their tremendous support during the year and we look forward to continuing our strong progress towards our competition launch in early 2017.