Kik’s making its own currency.
On Thursday, the messenger platform that claims to have 15 million monthly active users (57 percent of whom are aged 13 to 24), launched Kin, a currency of its own that will let users earn and buy things from inside the app.
“It is becoming increasingly difficult for companies in our space to continue to differentiate through innovation,” said Erin Clift, chief marketing officer of the Waterloo, Canada-based company. Although Kik’s user base pales in comparison is small compared to its competitors — WeChat had 889 million monthly active users last year, while as of March of this year, Facebook had 1.9 billion monthly active users — Kik said it hopes it will break the dominance of established players by creating its own payments ecosystem.
More in Marketing
OpenAI is coming for SMB advertisers
The company is going after smaller advertisers. Its job listings prove it.
Zoom relies on creators to boost AI search results
As AI changes how brands are discovered, Zoom is leaning on creators and journalists to shape its reputation.
Your favorite beauty brands are now also entertainment brands
Many of today’s beauty brands are asking if entertainment and advertising can be one and the same.