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How can a mobile messaging service be worth $28 billion?

Yesterday there were reports that Line, a messaging company that has gained strong traction in Japan and other parts of Asia, is planning an IPO at a rumored valuation of $28 billion. That figure certainly surprised a lot of people, in particular us at TNW who believe it to be somewhat inflated, but it isn’t as crazy as you might think.

Line has 230 million registered users, but the company declines to revealed how many are active users (it says 73 million use its timeline feature per month)

via The Next Web.