TORONTO and LOS ANGELES, May 28, 2019 /CNW/ - QYOU Media Inc. (TSXV: QYOU; OTCQB: QYOUF) ("QYOU Media" or the "Company"), a next generation global media company that curates, packages and distributes premium digital short-form video for multiscreen distribution has reported financial results for the quarter ended March 31, 2019. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
- For the three months ending March 31, 2019, revenues were $601,269 as compared to $1,745,738 for the three months ended March 31, 2018, a decrease of $1,144,469 or 65.6%. The decrease in revenue is primarily due to the previously disclosed termination of the programming services agreement with Sinclair Digital Group LLC in September 2018 along with the non-renewal of daily production of Heads Up Daily for SuperChannel as of January of 2019.
- For the three months ended March 31, 2019, Operating Expenses decreased by $1,279,767 or 33.2% compared to the three months ended March 31, 2018. For the nine months ended March 31, 2019, Operating Expenses decreased by $2,146,608 or 21.5% compared to the nine months ended March 31, 2018. The decrease for the three months and nine months ended March 31, 2019 is primarily due to cost cutting measures to realign the operations.
- For the three months ended March 31, 2019, net loss decreased by $254,876 as compared to the three months ended March 31, 2018, due to decrease in revenue offset by decreases in content and production costs. For the nine months ended March 31, 2019, net loss decreased by $587,193 as compared to the nine months ended March 31, 2018.
- Cash used for operating and investing activities during the three and nine months ended March 31, 2019 was $787,594 and $3,614,210, respectively, as compared to $1,840,820 and $5,402,420 for the same periods last year. Reductions in cash used was primarily driven by cost cutting measures and completion of investment in capitalized programming assets.
QYOU Media's CEO, Curt Marvis, stated, "We expect a return to solid revenue growth and we have also implemented focused cost reductions that we believe will result in our monthly operating cash burn rate improving materially."
Detailed information in QYOU Media's financial statements for the quarters ended March 31, 2019 and 2018, 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 powered by creators and influencers. We curate, package and market premium content from leading digital video creators for multiscreen & multi platform distribution. Founded and created by industry veterans from Lionsgate, MTV and Disney, QYOU's millennial and Gen Z-focused products include linear television networks, genre-based series, influencer marketing campaigns, mobile apps, and video-on-demand formats. QYOU Media content reaches more than 500 million consumers around the world. Experience our work at www.qyoumedia.com
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 geographical and distribution expansion, future revenue growth, future cost-cutting measures, audience composition for the Company's programming, operating and financial performance 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. 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, +44 (0) 207 486, email@example.com; Natasha Roberton, VP Marketing, QYOU Media, +49 152 2254 7680, firstname.lastname@example.org; Jeff Walker, Investor Relations for QYOU Media, +1 403 221 0915, email@example.com