TORONTO, ON–(Globe Newswire – January 16, 2020) – Peeks Social Ltd. (TSX.V: PEEK) (OTCQB: PKSLF) Peels Social is pleased to provide a corporate update on its services, consumer facing service levels and marketing initiates.
Throughout 2019 Peeks had faced several challenges in it’s ability to pay broadcasters in a timely manner. Broadcasters were facing delays in receiving their commissions which resulted in user dissatisfaction and drop in both usage and app rankings. Peeks Social app rankings for iOS in the United States had reached a low of 2.2 stars. The low app ranking coupled with slow payments negatively impacted growth. The company has since implemented several fast payout services which have resulted in broadcasters receiving payouts in days on average as opposed to the several weeks they were experiencing in 2019. The company has added direct deposit and email money transfer as broadcaster payout options. Email money transfer is restricted to IP broadcasters and settles as fast as several minutes. Direct deposit settles in 1 to 3 days. The improvement in payouts to broadcasters has significantly improved user satisfaction to the extent to which the App ratings in the US iOS AppStore has recovered to over 4 stars on average.
Canadian broadcaster payouts have been changed to daily payouts one week in arrears as opposed to the previous service level of 45 business days. US service levels will be changed to similar hold periods within the coming weeks. The company is confident of its new payout services and is satisfied with user response to the improved service levels. As such the company is re-initiating it’s marketing and user base growth initiatives.
As of January 2020, the company has launched its Peeks Reboot 2020 marketing program. The marketing program includes an email based user reactivation program targeting inactive users and broadcasters. It also includes, an affiliate marketing program that allows approved agents to recruit users for the Peeks platform. Affiliate marketers are paid a commission on the platform fees charged to broadcasters. The Company has increased its minimum platform fees from 24% to 30% to offset the cost of commissions payable to affiliate marketers. The Company has built integrated affiliate marketing software into its wallet that allows affiliate marketers to track both the performance of the users they have attracted to Peeks and to track their commissions.
The company has also completed the development of its subscription services. Subscription services will allow users to pay a monthly subscription to broadcaster channels. The addition of subscription services allows the company to compete with other subscription-based services such as Only Fans and Patreon.
The company is confident that its new services and marketing initiatives will significantly increase its userbase and revenues.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
further information, please contact:
Peeks Social Ltd.
Mark Itwaru David Vinokurov
Chairman & Chief Executive Officer Investor Relations