Strong ratings in India and New Business in US Influencer Marketing Drive FY 2021 Monetization
TORONTO and LOS ANGELES, Nov. 27, 2020 /CNW/ - Global media company QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF), a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, has reported financial results for the quarter ended September 30, 2020.
Impact of COVID-19: As previously reported by the company on June 1, 2020 and on October 28, 2020, the business in both India and the United States experienced material negative impact due to the loss of contracts and revenue caused by the COVID-19 pandemic from early March thru to the end of the Q1 FY 2021. Results for Q1 FY 2021 are below with all figures appearing in Canadian dollars.
For the three months ending September 30, 2020, revenues were $390,950 compared to revenues of $563,733 for the three months ended September 30, 2019 primarily as a result of loss of revenue due to COVID-19. Net loss was $1,149,333 for the 3 months ending September 30, 2020 compared to a net loss of 1,713,777 for the three months ended September 30, 2019. For the three months ended September 30, 2020, other operating expenses decreased by $620,244 compared to the three months ended September 30, 2020.
2021 Poised to be Momentous Year
In the past three months the company has reported a substantial return to growing revenues and monetization in both its India and US business units.
In India, the company has seen a surging ratings increase of 1,371% from week 32 of 2020 (.14) to week 45 of 2020 (2.06) with the size of weekly viewership impressions increasing from under 1 million in week 32 to over 11 million in week 45. This viewership increase is setting the stage for what is expected to be rapid growth in advertising revenue in 2021. In addition to this, the Q India channel has added new distribution agreements with Amazon Fire TV and the fast growing Chingari (TikTok style) app to bolster its audience reach to over 610 Million people across India. The programming group in India also announced its 100th episode of Bolly2Box which has attracted over 350 Million views and its first original program on The Q India, the Instagram driven show, Q! INSTA KYA BOLTA?, expected to launch in Q1 2021.
In the US, the Influencer Marketing business experienced a return to strong revenue growth with the recently announced booking of $710,000 USD in Influencer Marketing contracts in September and October 2020 along with a substantially expanding pipeline of new contracts across Premium VOD, Subscription VOD and retail customers heading into 2021.
Curt Marvis, Co-Founder and CEO of QYOU Media commented, "As previously reported, while the company revenue was negatively affected by COVID-19 from March 2020 thru Q1 FY 2021, we are confident that the spectacular ratings growth in India and the rise of new business here in the US will drive monetization going forward and is a strong indicator that 2021 will see significant growth for both businesses in India and the US. With reduced expenses and the return of revenue growth this quarter we anticipate an increasing rebound for our business heading into 2021."
About QYOU Media
QYOU Media operates in India and the United States producing and distributing content created by social media stars and digital content creators. In India, we curate, produce and distribute premium content including television networks and VOD for cable and satellite television, OTT and mobile platforms. In the United States, we manage influencer marketing campaigns for major film studios and brands. Founded and created by industry veterans from Lionsgate, MTV, Disney and Sony, QYOU Media's millennial and Gen Z-focused content reaches more than 650 million consumers around the world. Experience our work at www.qyoumedia.com and www.theqindia.com
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Forward-Looking Statements
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 future plans and anticipated results, the strengthening of the Company's position and revenue in India, growth in the influencer marketing segments of the Company's business, and new strategic partnerships. 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.
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