Company: RMSGW
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001641172-25-021609
Chunk: 70

Company: Real Messenger Corp
Filing Date: 2025-07-31
Form: 20-F
Item: Item 5
Chunk 70
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 our services and products to convert into a subscription-based model. We may introduce significant changes to our existing products
or develop and introduce new and unproven products for which we have little or no prior development or operating experience. If new or enhanced
products fail to engage our users, we may fail to attract or retain users or to generate sufficient revenue, operating margin,
or other value to justify our investments, any of which may seriously harm our business.

Because
our products create new ways of communicating, they have often required users to learn new behaviors to use our products. These new
behaviors are not always intuitive to users. This can create a lag in adoption of new products and new user additions related to new
products. To date, this has not hindered our user growth or engagement, but that may be the result of a large portion of our user base
being in a younger demographic and more willing to invest the time to learn to use our products most effectively. To the extent that
future users, including those in older demographics, are less willing to invest the time to learn to use our products, and if we are
unable to make our products easier to learn to use, our user growth or engagement could be affected, and our business could be harmed.
We may develop new products that increase user engagement and costs without increasing revenue.

Our
ability to achieve brokerage revenue and commission flow-through.

Our ability to generate commission-based revenue through acquired brokerage operations is now central to our business model. We plan
to integrate multiple brokerage models - traditional, team-based, virtual, and tech-enabled - within a unified ecosystem. This
will allow us to retain agents over a longer career arc by giving them flexibility as their needs evolve.

Our
ability to build a real estate ecosystem and achieve software revenue.

We
also expect to drive potential future recurring SaaS-like revenue from productivity and data tools embedded across our ecosystem. As
we acquire brokerages and transition agents onto our proprietary platform, we anticipate increased penetration of value-added
subscriptions across a growing base of agents and teams.

Our
ability to grow our user base.

We
have made, and are continuing to make, investments to enable users to create compelling content to our entire community. Existing
and prospective users and advertisers may not be successful in creating content that leads to and maintains user engagement. We are continuously
seeking to balance the objectives of our users and content creators with our desire to provide an optimal user experience. We do not
seek to monetize all of our service