Six months after launching its audio-visual and written dynamic technical analysis service under the designation of Market Chartist, LiveSquawk today confirmed to Forex Magnates that the firm has experienced rise of approximately 37% in retail customers signing up for the service since the audio news service was introduced in January.
LiveSquawk’s founder and CEO Harry Daniels today explained to Forex Magnates that “after a slow start to the year we have seen a steady increase in sign-ups. The volatility in the markets I think scared some small investors and traders from getting involved, but as the year has moved on and the overall volume has picked up, we have seen a renewed level of trading confidence. Subsequently, we have turned this into higher subscriber take-up.”
As well as aiming its product at the retail sector, the firm also involves itself in institutional business also, however the firm has yet to disclose its results relating to amount of new and retained business in pro-licenses and institutional business.
The Importance of Broker Partners
In terms of expanding the company’s services further, Mr. Daniels wishes to add more interactive products to the service in the future: “We want to continue to provide more self-generated reports and statistics alongside our current audio service and with Steve Miley of market Chartist, we want to offer customers a more complete portfolio of products.”
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“We generally work alongside platform partners to help nurture business, for the good of all parties. Be it straight forward license redistribution agreements or via shared revenue schemes and/or marketing campaigns.
Our job as a news aggregator and commentary service is to provide clear and concise news for our customers and partners, so that the trader/broker can make a more informed view of the markets they trade and service. In addition, we are streaming more and more of the major business and market events from across Europe and further afield” explained Mr. Daniels.
Asia In Sight (And Sound)
With the steady increase of demand from traders in existing markets for the audio news service, LiveSquawk is looking at building further on existing business in the Far East, however an obstacle presents itself in the form of cost model, which must be overcome.
“The retail space is a at times a hard sector to read” explained Mr. Daniels. “In terms of how to increase revenue and generate new business in a sector typically looking for free or low cost tools and services, positioning is a difficult task indeed” is Mr. Daniels’ opinion.
“Our Asia desk has been going for a year now and we have seen steady growth in business. It is too early to say how successful it has been on a standalone basis but the reason for opening up in the region was to provide a comprehensive service for our clients, wherever they may be and whatever they wanted to trade” he said.