- FY 2019 revenues of $4,718,148 and net loss of $6,123,311 compared to revenues of $5,565,348 and net loss of $7,213,174 in FY 2018
- Q4 FY 2019 revenues grow to $1,488,000 vs $730,000 in Q4 FY 2018
TORONTO and LOS ANGELES, Oct. 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 first short-form video for multiscreen distribution, has reported financial results for the year ended June 30, 2019. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
- For the twelve months ending June 30, 2019, revenues decreased to $4,718,148 compared to revenues of $5,565,348 for the twelve months ended June 30, 2018, as a result of decreased production and services fees
- Net Loss decreased to $6,123,311 for the twelve months ended June 30, 2019, as compared to $7,213,174 for the twelve months ended June 30, 2018 due to strong cost reduction measures.
- Cash consumed in operating activities was reduced by approximately $750,000 YOY. When excluding working capital adjustments, cash consumed was reduced YOY by approximately $2.6M, reflecting significantly lowered overhead costs.
QYOU Media's CEO, Curt Marvis, stated, "Fiscal year 2019 marked a turnaround year for us as we focused on right sizing operating expenses and invested in strengthening our position in India and in the influencer marketing segments of our business. We expect FY 2020 to show continued growth in both of these segments alongside increased opportunities to reinvigorate other areas of our business via new strategic partnerships."
Detailed information in QYOU Media's financial statements for the year ended June 30, 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 Inc.'s profile on SEDAR at www.sedar.com.
About QYOU Media Inc.
QYOU Media is a 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 Media'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 plans and anticipated results, the strengthening of the Company's position 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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