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September 16, 2006

Japanese MySpace, Mixi, Doubles on IPO Worth $1.9 Billion

posted by MR WAVETHEORY at 9/16/2006 03:52:00 AM
Mixi doubled on its IPO debut in Japan. From the chart it looks like it had a great day. Read more previous blog post on Mixi IPO. It is worth $1.9 billion. Bids stood at 3.15 million yen per share, more than double its initial public offering price of 1.55 million yen.

Charlene Li writes that Mixi is valued at $18.60 per user implying that MySpace's 100 million users is worth $1.8 billion. Using Charlene's metrics, it also means that Facebook is only worth $139.5 million - which is far lower than the $500 million valuation that it raised its recent round of funding at!

The FT writes that founder Kenji Kasahara is 30 years old, owns 64% of the company, and is now a billionaire. The first site Kenji started in 1997 was Find Job which was not a success. But, Mixi, founded just 2 years ago, had more than made up for it! It is interesting that he started Mixi to drive traffic to Find Job!

Below is the summary of Mixi from Wikipedia:

mixi, Inc. TSE:2121 is one of several SNS (social networking service) sites in Japan. The focus of mixi is "community entertainment", that is, meeting new people by way of common interests. Users can send and receive messages, write in a diary, read and comment on others' diaries, organize and join communities and invite their friends.

There are more than 4 million members and 490,000 communities. (May 2006)
  • A community is a place for people to share their opinions through an online forum and a way to express tastes and hobbies.
  • A footprint ashiato (足跡, ashiato?) is a function that allows a user to see who has visited their page.
  • mixi is an invitation-only service, meaning that one can only join via an invitation from a current member of the service. However, once invited, membership is free and open to anyone over 18.
  • The word mixi is a combination of mix and I, referring to the idea that the user, "I", "mixes" with other users through the service.
  • "Mixi Station", a client program that detects songs being played in ITunes and Windows Media Player and uploads them automatically to a communally accessible list in the "Music" section, was implemented late in June 2006. By July 2006, support for winamp was implemented via a winamp plugin, which was quickly made official by Mixi.
  • Batara Kesuma was the only developer at the start of the social networking site.
  • mixi heavily adopts the use of open source and several hundred MySQL servers.

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