- Q1 FY 2019 revenues grow to $1,712,703, an increase year-over-year of 13%
TORONTO and LOS ANGELES, Nov. 29, 2018 /CNW/ - QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) ("QYOU Media" or the "Company"), a global media company that packages and produces premium video and 24-hour channels for broadcast and digital distribution has reported financial results for the quarter ended September 30, 2018. All figures appear in Canadian dollars.
Financial Highlights for the Quarter:
- For the three months ending September 30, 2018, revenues increased to $1,712,703 compared to revenues of $1,514,938 for the three months ended September 30, 2017, an increase of 13%.
- Net Loss decreased 2% to $1,308,123 for the three months ended September 30, 2018, as compared to $1,336,054 for the three months ended September 30, 2017.
- Cash as at September 30, 2018 was $2,622,110 compared to $1,069,248 as at June 30, 2018, representing an increase of $1,552,862.
QYOU Media's CEO, Curt Marvis, stated, "The conclusion of Q1 of fiscal year 2019 marks the beginning of our transition into an ad-based revenue model around our owned and operated content channels and formats. As we rapidly expand our audience reach in India and via our esports programming we plan to leverage direct ad sales, sponsorships and influencer driven marketing programs to drive revenue growth. While these transitions take time, we remain confident in driving stronger viewership and revenue growth amid an expanding portfolio of channels and formats around the world."
Detailed information in QYOU Media's financial statements for the quarters ended September 30, 2018 and 2017, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under QYOU Media's profile on SEDAR at www.sedar.com.
About QYOU Media Inc.
QYOU Media is a fast-growing global media company that packages premium content from leading digital video creators for multiscreen distribution and produces its own shows, formats and 24 hour broadcast channels. Founded and created by industry veterans from Lionsgate, MTV, and CinemaNow, QYOU's millennial and Gen Z-focused products, including linear television networks, genre-based series, mobile apps, and video-on-demand formats, reach more than 300 million people around the world. Distribution partners include Vodafone, 21st Century Fox, Liberty Global, Showmax, iflix, Jio, Super Channel and TATA Sky.
This press release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including, without limitation, the Company's planned transition into an ad-based revenue model, future geographical and distribution expansion, increased product portfolio, revenue growth, audience growth and composition and the future plans of the Company. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, although considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Additional risks and uncertainties regarding QYOU Media are described in its publicly available disclosure documents, filed by QYOU Media on SEDAR at www.sedar.com except as updated herein. The forward-looking statements contained in this news release represent QYOU Media's expectations as of the date of this news release, or as of the date they are otherwise stated to be made, and subsequent events may cause these expectations to change. Except as required by law, QYOU Media undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE QYOU Media Inc.
For further information: Contacts: Zoe Mumba, Platform Communications for QYOU Media, [email protected]; Natasha Roberton, VP Marketing, QYOU Media, +49 152 2254 7680, [email protected]; Jeff Walker, Investor Relations for QYOU Media, +1 403 221 0915, [email protected]