Q1 Revs Up At Destiny Media
January 15, 2008 at 5:44 AM (PT)
DESTINY MEDIA has reported strong financials for Q1 (2008) which covers the period SEPTEMBER - NOVEMBER, 2007. "Revenue exceeded management's projections again on the strength of new contracts and increased usage by existing customers," said CFO FRED VANDENBERG. "PLAY MPE revenues grew by more than 30% from the prior quarter, while CLIPSTREAM revenues grew by more than 22%. The loss from operations increased to $.02 per share, reflecting increases in expenses for staffing, advertising and EUROPEAN and ASIAN IP protection in preparation of anticipated growth."
On DECEMBER 18th, 2007, the company signed a company-wide agreement with a second major NORTH AMERICAN record label. Details on this agreement are expected to be released within a week. The company has entered into paid agreements for PLAY MPE usage directly with some sub-labels at two majors and company-wide agreements with the other two. The company expects to completely phase out trial usage in the current quarter.