LOS ANGELES and TORONTO, November 29, 2021 / CNW / – QYOU Media Inc., (TSXV: QYOU) (OTCQB: QYOUF) a company operating in India and United States producing and distributing content created by social media stars and digital content creators, reported quarterly financial results September 30, 2021. The highlights are as follows:
Turnover for the three months ended September 30, 2021 was within the range of forecasts previously announced at $ 4,725,463 from $ 390,950 over the same period in the first quarter of fiscal 2020, which represents a year-over-year increase of 1109% and an increase of 81% compared to the previous quarter of the fourth quarter of fiscal 2021 ($ 2,614,899). This revenue growth is mainly due to the increase in advertising sales in India on the flagship channel, The Q, as well as the good performance of the QYOU United States and the Chtrbox Influencer Marketing business units.
The net loss before tax was $ 2,352,297 compared to $ 1,149,333 for the three months ended September 30, 2021 including the non-cash share remuneration of $ 1,048,816. The net loss also increased due to investments in people, content and distribution to support growth and expansion in the India business as well as compensation based on non-monetary actions.
Cash on hand at September 30, 2021 was $ 7,769,599 compared to $ 9,026,915 To June 30, 2021 representing a decrease of $ 1,259, 316.
CEO and co-founder of QYOU Media, Curt marvis commented, “We are delighted with the continued strong revenue growth of the company. We continue to invest in this growth as we firmly establish ourselves as one of the leading brands for Young India alongside the increased strength of our QYOU United States Business. We look forward to generating more momentum and tangible progress in 2022 as we launch new channels, new business segments that generate revenue, and grow our strength and positioning through strategic opportunities and acquisitions. “
The company also disclosed that 1,650,000 stock options and 1,850,000 restricted stock units under standard vesting conditions were granted as compensation to certain executives of the company and members of the board of directors as well as ‘a payment of US $ 140,000 a veteran American-Indian M&E executive and entrepreneur, Ken silverman, in conjunction with his role in introducing and managing the initial investment of Brand Capital / Times of India in the company in August 2021.
Detailed information on QYOU Media’s financial statements for the year ended June 30, 2021, QYOU Media’s Notes to Financial Statements and Interim MD&A and Quarterly Highlights have been posted on the Company’s website and have been filed under QYOU Media Inc.’s profile on SEDAR at www. .sedar.com
About QYOU Media
QYOU Media operates in India and United States produce and distribute content created by social media stars and digital content creators. In India, via our flagship brand, The Q, we organize, produce and distribute premium content, including TV networks and VOD for cable and satellite TV, OTT and mobile platforms. Our India influencer marketing division based, Chtrbox, is india leading influencer marketing platform connecting brands and social media influencers. In United States, we create and manage social media campaigns featuring influencers for major movie studios, game publishers 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 one billion consumers worldwide every month. Discover our work on www.qyoumedia.com and www.theq.tv
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Words such as “expects”, “anticipates” and “intention” or similar expressions are intended to identify forward-looking statements. Forward-looking statements contained in this document may include, without limitation, information regarding the making of future investments, the approval of the exchange of investments, the approval of the Reserve Bank of India future investments, the intended use of the proceeds of the investment and statements relating to the future business and activities of QYOU. These forward-looking statements are based on QYOU’s current projections and expectations regarding future events and other factors that management considers appropriate. Although QYOU believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect and readers cannot be assured that the offer and its closing will be consistent with these forward-looking statements. Actual results could differ materially from those projected in forward-looking statements due to many factors, including certain risk factors, many of which are beyond QYOU’s control. Additional risks and uncertainties relating to QYOU are described in its publicly available disclosure documents filed by QYOU on SEDAR (www.sedar.com), except to the extent that they are updated herein. The forward-looking statements contained in this press release represent QYOU’s expectations as of the date of this press release, or as of the date on which they are otherwise indicated, and subsequent events may cause those expectations to change. QYOU assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE QYOU Media inc.
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