Forbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of Forscene (the market-leading cloud video platform), Online Video Editor (the consumer video editor), and eva (the video social network), is pleased to announce its first paying Online Video Editor customers and a stable but modest customer conversion rate.
The Online Video Editor is designed to make video editing simple for everyone. It is in a rapid and continuing development programme, with new features released every two weeks; a process which will continue for the coming months in a ‘perpetual beta’ programme.
Online Video Editor’s organic Google rankings have been impressive, with www.onlinevideoeditor.co ranking in the top 10 search results for more than 650 keywords. The site visitors from these searches generate more than 800 free trial registrations per week, a number which has increased month on month. So far, more than 30,000 people have registered for a free trial of Online Video Editor.
Since the beginning of March, Forbidden has been testing monetisation models using multivariate testing methodologies. Despite the embryonic nature of the product, Forbidden has now achieved a modest and stable customer conversion rate (the percentage of people who start a free trial and then convert to paying customers).
With fewer than 60% of its final features fully implemented, the product’s continuing evolution – and testing of further monetisation models – is expected to lead to further increases in the overall customer conversion rate.
Jovana Ljiljak, General Manager of Online Video Editor, said:
“When people use Online Video Editor, they fall in love with how easy it is to make amazing videos. My team and I are working really hard to add features which will drive conversion rate. With this process, I am confident that Online Video Editor will make a meaningful financial contribution in 2017.”
Aziz Musa, Chief Executive of Forbidden Technologies, said:
“Online Video Editor has such incredible potential, and the customer engagement data is impressive. With all three of our products now contributing in 2016, our future looks more exciting than ever before.”
Forbidden Technologies plc
Stephen Streater, Chairman
Aziz Musa, Chief Executive
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets a powerful cloud video platform, which is used by broadcasters, in professional web video, in education and by consumers. The Company platform is one of the world’s most advanced browser-based and mobile platforms, which underpins Forscene in professional markets, its eva video social network and its new consumer video editor, Captevate.