It seems that GREE‘s [JP] success story won’t come to an end too anytime soon. The performance of the 99% mobile social network/gaming platform is becoming scary, as in bubble-type scary. Stocks are rising and rising since the company went IPO in December last year and the financial situation keeps on improving, too.
And as a result, today marked the first time GREE’s market capitalization stood higher than that of competing mobile social network operator DeNA. DeNA is operating the social gaming platform Mobagetown whose business model (and almost everything else) was “inspiration” for GREE back in 2006, when the company completely overhauled the service and moved from the fixed web to mobile.
As far as the market cap is concerned, GREE is also beating Japan’s biggest social network Mixi [JP] whose number is nearly half as big currently.
At the Tokyo Mothers Stock Exchange for start-ups, the current situation (market cap-wise) looks like this:
Granted, this is not too big of a difference, but still (data: July 1, 2009 at 3pm JST).
To bring things into perspective a bit:
Mobile- and Japan-only GREE’s market cap is now significantly higher than LinkedIn‘s $1 billion valuation (LinkedIn has 42 million members – Gree has 12 million – and is said to be profitable, too).
Does something smell just wrong here?
Serkan Toto