- FY2018 revenues up 33% year-over-year to $5,565,348
- Strengthened balance sheet in FY2018 to support expected growth
in FY2019 and beyond
TORONTO and LOS ANGELES, Oct. 29,
2018 /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, 2018. All figures appear in Canadian
dollars.
Financial Highlights for the Quarter
- For the 12 months ending June 30,
2018, revenues increased to $5,565,348 compared to revenues of $4,185,467 for the 12 months ended June 30, 2017, an increase of 33%.
- The net loss increased 7% to $7,213,174 for the 12 months ended June 30, 2018, as compared to $6,768,317 for the 12 months ended June 30, 2017.
- FY2018 revenue total includes revenue reductions due to
uncollectible receivables and currency exchange adjustments
totalling ($696,111) impacting Q4
'18.
QYOU Media's CEO Curt Marvis
stated, "Fiscal year 2018 saw continued expansion of QYOU Media on
a global basis. We have successfully cleaned up and strengthened
our balance sheet and positioned ourselves for growth as a result
of our new $3.1M financing in July.
From our localized content offerings in India, Poland
and Southeast Asia to our flagship
esports platform Heads Up Daily, aka HUD, we continue to gather
momentum with young audiences around the world. We fully expect to
rapidly broaden our reach to fans of premium digital video in
months ahead."
Detailed information in QYOU Media's financial statements for
the years ended June 30, 2018 and
2017, the notes to the financial statements, and QYOU Media's
annual management discussion and analysis 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 Inc. is a fast-growing global media company that
curates and packages premium content from leading digital video
creators for multiscreen distribution. 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.
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
geographical and distribution expansion, future revenue growth,
audience composition for the Company's programming 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.