Good afternoon. And welcome to Zedge's First Quarter 2020 Earnings Conference Call. [Operator Instructions] After today's presentation by Zedge's management, there will be an opportunity to ask questions. [Operator Instructions]
In today's presentation, Elliot Gibber, Zedge's Interim Chief Executive Officer; and Jonathan Reich, Zedge's Chief Financial Officer and Chief Operating Officer, will discuss Zedge's financial and operational results for the three-month period that ended on October 31, 2019.
Any forward-looking statements made during this conference call, either in the prepared remarks or in the question-and-answer session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates. These risks and uncertainties include, but are not limited to, specific risks and uncertainties disclosed in the reports that Zedge files periodically with the U.S. Securities and Exchange Commission.
Zedge assumes no obligation either to update any forward-looking statements that they have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that Zedge's earnings release is available on the Investor Relations page of the Zedge website. The earnings release has also been filed on Form 8-K with the SEC.
I would now like to turn the conference over to Mr. Elliott Gibber. Sir, the floor is yours.
Thank you, operator, and thank you all for joining us today. I am Elliot Gibber, Interim CEO of Zedge. Welcome to Zedge's first quarter fiscal 2020 earnings conference call recapping three months ending October 31, 2019.
Joining me today is Jonathan Reich, our Chief Financial and Chief Operating Officer, who will provide additional insight into the numbers that we reported earlier this afternoon.
Although I'm early on my new position as Interim CEO, I benefit from the long-term relationship with the company, having served as a Board member from January 2018, until I resigned from that position last month to take on my current role. My history with Zedge has given me the opportunity to learn the business and work closely with the executive management.
I'd like to take this opportunity to update you about some of the progress we have made in our goal to become cash flow positive in fiscal 2020, while continuing to invest in new and innovative products that extend our value proposition beyond the mobile phone personalization.
I'll start by focusing on revenue. We continue to experience formidable growth in paid subscriptions. As of the end of November, we had approximately 225,000 paid subscribers starting from base of zero at the beginning of calendar 2019. This has generated approximately $1 million of gross revenue through November 30, 2019.
The team has initiated a project to unlock more value from users in emerging markets that have contributed in excess of $25,000 in revenue per month with additional improvements expected. We have some additional opportunities with the same goals that we are exploring and expect to start seeing benefits in early calendar 2020.
Interim Chief Executive Officer
Chief Financial Officer & Chief Operating Officer
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