TORONTO and LOS ANGELES, March 02, 2020 (GLOBE NEWSWIRE) -- 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 three and six months ended December 31, 2019. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
- For the three and six months ending December 31, 2019, revenue was $986,341 and $1,550,074 as compared to $916,527 and $2,629,230 for the three and six months ended December 31, 2018, an increase of $69,814 (or 8%) for the three month periods and a decrease of $1,079,156 (or 41%) for the six month periods. The decrease in revenue over the six month period compared to the prior year is primarily due to loss of linear channel and programming revenue for the cancelled Sinclair business.
- For the three and six months ended December 31, 2019 net loss increased by $532,008 (or 38%) and $937,662 (or 34%) as compared to the three and six months ended December 31, 2018, which was directly impacted by the decrease in revenue for the six months ended December 31, 2019 and by the increased expenses for the three months ended December 31, 2019.
- Cash used in operating activities for the six months ended December 31, 2019 was $708,655 compared to cash used for the six months ended December 31, 2018 of $3,242,841. The decrease is primarily due to the collection of trade and other receivables
QYOU Media's CEO, Curt Marvis, stated, "We expect our continued investment in The Q India to begin growing revenues during this current fiscal quarter as new advertisers come on board. It has taken us several years to build the foundation of what we believe will be a highly successful channel operation in one of the world’s fastest growing economies. In addition, overall revenues are beginning to build back to the levels of previous quarters as we continue to grow our influencer marketing business both here in the US and India.”
Detailed information in QYOU Media's financial statements for the quarter ended December 31, 2019, 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
Investor Relations for QYOU Media
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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.
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