Japanese messaging app Line was top-grossing non-game app in 2013
TOKYO (Reuters) - Japanese messaging app Line said on Thursday its revenue in the last quarter of 2013 jumped more than five times on the year to push its full-year sales to 34.3 billion yen (S$430 million), making it the top-earning non-game smartphone app last year.
The app is owned by Line Corp, a subsidiary of South Korea's Naver Corp, which may choose a foreign exchange for a widely expected initial public offering (IPO) this year, sources say. One source valued the company at around US$10 billion (S$12.7 billion).
Line Corp, which also owns internet portal Livedoor and several other businesses, said its group revenue jumped 16 per cent in the October-December quarter to 15.9 billion yen, with its full-year sales clocking in at 51.8 billion yen.
Its app, which now has 340 million users and targets 500 million this year, was the top-grossing non-game app on Apple's iOS store and Google Inc's Google Play store in 2013, ranking 6th in terms of total downloads, according to marketing research firm App Annie.