Taiwan-based social networking service (SNS) site iPart recorded revenue of more than $3 million in 2008 and expects the total to reach $10 million in 2009, reports Sina quoting iPart CEO Zhang Jiaming. Zhang said that virtual item sales and advertising each account for roughly 50% of iPart's 2008 total revenue, while virtual items made up 80% of the 2007 total. Advertising revenue is likely to grow by 300-500% year-on-year in 2009, said Zhang. iPart's Mainland site (ipart.cn) has recorded over 14 million members, 60% of whom are female, up from 10 million users in April.
iPart has become profitable and is targeting an A-shares or Hong Kong listing in two to three years, said Zhang. Zhang said the site may acquire companies and considered an acquisition of Beijing-based social networking site Kaixin001.com in March and April. iPart has spent the $8.5 million its received from a Singaporean investor in September 2007 on personnel, offices, promotions, advertising and partnerships, said Zhang.
Established in Taiwan in 2003, iPart entered the Mainland market in 2004 and has set up offices in Beijing, Shanghai and Taipei. The company has roughly 180 total employees.
Source:jlmpacificepoch.com
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