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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read UPDATE 1-Los Alamos scurries to protect nuclear lab from fire 28 Jun 2011 Judge blocks testimony from Casey Anthony fiancé 28 Jun 2011 Mel Gibson reaches divorce deal with longtime wife | 28 Jun 2011 BofA near $8.5 billion settlement on securities 28 Jun 2011 Special Report: A little house of secrets on the Great Plains | 28 Jun 2011 Discussed 221 Biden deficit-cut talks hit impasse: Rep. Cantor 139 CBO sees government benefits swamping U.S. economy 114 Fragile economy pushed Obama to tap oil reserves Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 China's luxury fast train debuts Mon, Jun 27 2011 Japan mobile gaming firm Gree targets 1 billion users Tweet Share this Email Print Related News Microsoft rolls out Office in the cloud Tue, Jun 28 2011 Zynga IPO could raise $2 billion, file Wed: source Tue, Jun 28 2011 UPDATE 5-Zynga IPO could raise $2 bln, file Wed -source Tue, Jun 28 2011 Analysis: Tencent in steep climb to be China's Facebook, Twitter Mon, Jun 27 2011 GSV takes stake in Facebook, valuing it at $70 billion Mon, Jun 27 2011 Analysis & Opinion Tech wrap: Microsoft reaches for the cloud Google+ — Don’t call it the Facebook killer (for now) Related Topics Technology » Media » Facebook » By Isabel Reynolds and Reiji Murai TOKYO | Wed Jun 29, 2011 2:14am EDT TOKYO (Reuters) - Japanese mobile social gaming firm Gree will aim for 500 million to a billion users worldwide, rivaling Facebook, the company's founder and chief executive said on Wednesday. Gree this year paid $104 million to buy fast-growing U.S.-based mobile social gaming platform OpenFeint, which has 90 million users worldwide and is adding 2.8 more per second. "We are aiming for 500 million to a billion users, though we don't have a timeframe, or particular countries," Yoshikazu Tanaka said. Facebook is said to have 700 million, and we are also aiming for that level," he added. Gree competes with DeNA in the mobile social gaming market, which grew rapidly with the spread of sophisticated feature phones in Japan, and the two are jostling to export their highly profitable business model, based on in-game microtransactions. But some analysts say they may face a difficult transition to the smartphone era, with Apple restricting integration of social and gaming applications on the iPhone and the spread of free applications on phones based on Google's Android operating system. Google this week announced its own social networking challenge to Facebook. Some in the industry expressed surprise at the high price Gree paid for OpenFeint, which made a net loss of $6.6 million on sales of $282,000 in fiscal 2010, according to a Gree statement. Tanaka said he was confident he could turn the business profitable, though he did not specify the timing, saying it would depend on how much Gree chose to invest. Gree itself made 19.6 billion yen ($242 million) in operating profit in the financial year to June last year on sales of 35.2 billion yen, and expects to hike operating profit to 27-30 billion yen in the financial year ending on Thursday. Tanaka also said he expects more growth in the Japanese market, where Gree boasted more than 25 million users as of March 2011. "The population is about 120 to 130 million, so I think there is still room for growth," he said. Concerns about the economy in the United States, where consumers are gloomy with unemployment stuck over 9 percent, [ID:nLDE7520PE] are unlikely to affect the company's expansion, he said. "I don't think there's a connection. We have grown very rapidly in Japan in the past few years, even though the economy has not been good," he said. "It's a cheap way of enjoying games, because you don't have to buy a console," he added. DeNA said in October last year it would pay up to $403 to buy out U.S. rival ngmoco as it bids to build up its own global network. (Reporting by Isabel Reynolds; Editing by Chris Gallagher) Technology Media Facebook Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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