MyTown Will Surpass 2 Million Users Next Week

Keith Lee, the CEO of MyTown, told the audience at Inside Social Apps in San Francisco, that the application is currently at 1.9 million registered users and is growing by 100,000 users per week. Those users also spend an average of 70 minutes in the app per day. Take that Foursquare! During the “Monetizing Mobile Apps” panel, there was an overwhelming consensus that free applications have a much more effective business model. As Jason Oberfest of ngmoco pointed out, paid applications tend to have a very steep revenue decline while while free apps have a flat and steady revenue stream.