Destiny Media Reports Revs Up 43%
April 15, 2009 at 4:50 AM (PT)
DESTINY MEDIA TECHNOLOGIES has reported their financials for the six months ended FEBRUARY 28th 2009, and revenue has grown by 43% over the same period in the prior year to $1,022,049 (2008 - $716,457). The growth in revenue is driven by the growth in their PLAY MPE system, where access fees have grown by 72% over the same period last year.
In a form 10-Q filing, DESTINY wrote, "In fiscal 2008, we ceased pilot usage of the PLAY MPE system which has been commercially accepted in UNITED STATES. Over the course of fiscal 2008, we entered into and expanded our commercial agreements, adding EMI and WARNER MUSIC GROUP (our second and third US Major Record Labels respectively), several sub-labels of SONY BMG and hundreds of independent record labels in the US. Additionally we renewed and expanded our agreement with UNIVERSAL MUSIC GROUP and have several sub-labels of SONY BMG on a 'pay-as-you-go' basis."