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Latest Update from the CEO Says Playit.pk Not Sold Yet

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Latest Update from the CEO Says Playit.pk Not Sold Yet

Playit.pk was reported to be sold at Rs. 2.2 Million which is a huge amount of US $22000 but now Latest update says that Playit.pk is not sold yet.

The website currently is showing over 40 Million pages among 3 Million new users which are adding to the user list every month. The fan following of this site on largest social networking site Facebook is about 56K+. It shows its popularity among people. The downloads of android app is also over 150,000 downloads.

Even after 38 bids and 2.2 Million but the Latest Update from the CEO Says Playit.pk Not Sold Yet

The project initiated back in October 2013, when Shoaib and his friend made this site to create a tool from which people could easily download and upload videos as well as share them on Facebook. In short, it could be used as an alternative to YouTube. Meanwhile, during this site was in process government of Pakistan banned YouTube. This issue made it easier regarding the development of site because the site was using YouTube APIs in order to create proxy service for the users.

The site allows people to access the YouTube videos which was not possible before. All the content was accessible to people with this site used as proxy server. This can be said that PalyIt serves the nation as the YouTube of Pakistan.

Website gained huge popularity among masses through ads and also by the word of mouth. They also endorsed their site on Facebook being the largest social networking site. This was right step because a single 1 $ ad initially gave them 50,000 views.

Mainly the traffic covered by site is more than 70% from Pakistan, whereas the rest 30 % is from Saudia Arabia, Indonesia, United States and India. On average, a user spends 9 minutes browsing the site whereas the bounce rate (used to measure the performance of a site over internet) stands at 41.54% ; close to the average rate that is 33.3%.

The website is running with total cost of 120 USD where as the revenues earned by the site per month are around 1200 USD.

The founder of PlayIt, Muhammad Shoaib Shaheen telling about his busy work schedule and hardly manageable time  said that

Only reason to sell this site is that I want to move to another project and I don’t have time to manage this project.”

But now they have changed their mind about selling their website. According a latest update from the website it is known that the website is not being sold because buyers have withdrew their money back. The owners also explained that they had accepted the bids but after knowing the plans of buyers about the website made him change his mind regarding his site. Hence they cancelled the negotiation between parties. The payment was cancelled before the completion of sale.

Moreover, owners also mentioned that they will surely give website another try. So that it can reach to more and more customers and serve people using this site as a platform to launch other products as well.