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HANGZHOU, China, March 23, 2011 (GLOBE NEWSWIRE) -- Sky-mobi Limited (Nasdaq:MOBI) ("Sky-mobi" or the "Company"), the leading mobile application store and mobile social network community operator in China, today announced that the Company has entered into an advertising contract with Sohu, one of the leading Chinese online destinations.
Under the terms of the one-year agreement, Sky-mobi will publish advertisements for Sohu's advertising clients on Sky-mobi's MRP ad network. Sky-mobi will be paid at an agreed minimum target rate, and will share revenue with Sohu that exceeds the minimum target rate.
"We are tremendously excited about our contract with Sohu which represents an important step to extend our business model into the promising mobile advertising space," said Michael Song, Chairman and CEO of Sky-mobi. "As the top mobile application store platform in China, it is a natural fit for us to work with Sohu, one of the most popular portals in China. Our MRP platform is pre-installed on hundreds of millions of handsets across China and is viewed by vast numbers of consumers. We are confident that Sohu's advertising clients will benefit tremendously from the exposure they will get through this arrangement."
Sky-mobi works with handset companies to pre-install its Maopao mobile application store on handsets, including MRP, and with content providers to aggregate and offer a range of applications and content to end-users. Its Maopao store is pre-installed in over 6,600 handset models and is compatible with many different hardware and operating system configurations. The Company collects application store revenues through carriers and their mobile service providers and in turn, shares these revenues with mobile service providers, handset companies and content providers. The standardization of its application store software and Sky-mobi's proven track record of generating revenue for our partners has enabled it to build what the Company believes is China's leading mobile application eco-system with over 800 partners, including over 450 handset companies, over 250 content providers, and over 110 mobile service providers and 10 independent payment processing companies.