Internet and ecommerce company Rediff now allows advertisers to place native advertising on its platform. The company said that it recently concluded beta testing of the new ad format and is now rolling out the feature to all advertisers. Native advertisements on Rediff will be presented in the form of articles which blend into other content on the website.
Rediff says that the advertisements will appear both on web and mobile versions of the site and claims it has clients in the consumer technology, FMCG, banking finance and insurance sectors in India.
For the quarter ended June 30, Rediff said that its total monthly unique users was 16.2 million, up 17% month on month, but down from the 17.5 million it had reported for March 2015. Users spent, on an average, 21 mins/month as measured by ComScore Media Metrix in June 2015, the same as in March 2015. Rediff’s display advertising was also declined 20% .
Beta testing messaging platform
Last week, Rediff launched a new messaging platform called Conversations. Rediff told MediaNama that it is still in beta phase and is part of their paid email service. The messaging service will allow real-time interaction between users on the Rediff platform.
Conversations will allow users to share articles, links, images and documents and Rediff is looking at making Conversations a knowledge repository for various topics within a company. The company added that they have deployed the tool for key clients in the insurance, manufacturing, automobile and services sectors in India.
Rediff moves stocks to smaller market
Earlier in August, Rediff moved its stocks from the Nasdaq Global Market to the Nasdaq Capital Market as the company did not meet the stock market’s meet the minimum stockholders equity level for continued listing on the bourse. “The continuing listing requirements of the Nasdaq Capital Market are, in the Company’s opinion, more appropriate for companies at Rediff’s scale of operation.” the company said in a filing.
The company reported that at the end of June 30th, 2015, it had $7.6M (around Rs 48.6 crore) in cash and cash equivalents. Total revenues for the company decreased 19.4% year on year to $3.29 million, down from $4.08 million in the same quarter last year. The company reported a loss of $1.75 million, which is almost half of the $3.48 million loss in the same quarter last year.Rediff’s losses declined largely because it reported a significant 39.1% reduction in operating expenses down to $2.86 million from $4.7 million a year ago.