MIH invests $10 million in mobile social network company BuzzCity

29 August, 2008
MIH, the investment arm of South African media conglomerate, Naspers, has invested $10 million in Singapore-based BuzzCity, which owns a mobile social network myGamma that has more than six lakh members from India.

BuzzCity plans to utilise the funds to increase the market share and membership of myGamma, develop user generated content on the network and acquire more applications that could benefit advertisers.

Juniper Research recently predicted that the number of mobile phone users globally will increase from 577 million to 1.7 billion by 2013, with applications such as social networking and user-generated content being key drivers for this growth. [Source: Afaqs]
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MIH, the investment arm of South African media conglomerate, Naspers, has invested $10 million in Singapore-based BuzzCity, which owns a mobile social network myGamma that has more than six lakh members from India.
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