Otello Corp ASA (Otello) designs and develops web browsers for mobile, desktop, and devices. It also provides services for mobile advertising, apps, and games. The company produces and markets software and related services. Otello’s digital revenue ties up to AdColony (Mobile Advertising) and Bemobi (Apps & Games) companies. In FY2020, the digital revenue from mobile advertising and apps & games was reported $259 million, which accounted for 100% of the company’s total revenue.
AdColony (Mobile Advertising) was the largest source of revenue in 2018 and 2019. AdColony revenues fell by 17% in FY2019 compared to FY2018. The decline in revenue in AdColony was mainly due to slower product launches and ramp-up of new products in addition to a general streamlining of the business and more focused operations. Digital revenue from mobile advertising was reported at $211.4 million in FY2020, which accounted for 81.6% of the company’s total revenue.
AdColony is one of the largest mobile advertising platforms in the world with a reach of more than 1.5 billion monthly users globally. The primary objective of AdColony is to produce the greatest possible mobile advertising experiences for advertisers and publishers by utilizing its best-in-class mobile technology, the highest quality mobile ad experiences, and leveraging its curated reach.
Bemobi is a mobile media and entertainment company integrating people and mobile content through technology and disruptive services with a presence in more than 50 countries. Digital revenue from apps & games was reported at $47.5 million in FY2020, which accounted for 18.3% of the company’s total revenue. The total number of subscribers to Bemobi’s paid services grew 29.7% from 26.7 million paying subscribers to 34.6 million by the end of 2019.
Due to the sale of AdColony, Otello is treating that business as discontinued operations for FY2021. The separate listing of Bemobi resulted in Otello’s ownership falling below 50%. Thus, Otello is no longer consolidating Bemobi into the Otello P&L and is rather using the equity method. As a result of these transactions, Otello has also been reducing its overall headcount and expenses which was down 39% in 2021 vs 2020. The company’s operating revenues fell by 13% to $240.8 million in 2019 from $275.4 million in 2018, driven by a decline in AdColony, which was partly offset by growth in Bemobi.
In FY2019, the digital revenue from mobile advertising and apps & games was reported at $240 million, which accounted for 99.8% of the company’s total revenue. The company continued to introduce new mobile carriers in 2019 as part of the global expansion of subscription services for apps and games.
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