Toronto, Ontario and Los Angeles, California--(Newsfile Corp. - October 28, 2020) - Global media company QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF), a company operating in India and the United States producing and distributing content created by social media stars and digital content creators, has reported financial results for the year ended June 30, 2020.
As previously reported by the company on June 1, 2020, the business in both India and the United States experienced a material negative impact due to the loss of contracts and revenue caused by the COVID-19 pandemic from early March thru to the end of the fiscal year on June 30, 2020. Results for FY 2020 are below with all figures appearing in Canadian dollars.
For the twelve months ending June 30, 2020, revenues were $2,802,252 compared to revenues of $4,718,148 for the twelve months ended June 30, 2019. The decline is primarily a result of loss of revenue due to COVID-19. Net loss was $6,500,697 for the 12 months ending June 30, 2020 compared to a net loss of $6,123,311 for the twelve months ended June 30, 2019. Cash used in operating activities for the year ended June 30, 2020 was $2,587,628, an improvement of $1,373,137, compared to cash used in operating activities for the year ended June 30, 2019 of $3,960,765.
In the past two months the company has experienced a substantial return to more normalized revenue and activity including (1) the recently announced booking of $710,000 USD in Influencer Marketing contracts in September and October 2020 (2) the massive spike in viewership for The Q India generating increased ad sales potential and (3) new distribution with Amazon Fire TV and Chingari in India. The company anticipates a more normalized return to revenue growth from the current quarter going forward.
Curt Marvis, Co-Founder and CEO of QYOU Media commented, "As we have previously reported, the company revenue was severely affected by COVID-19 from March 2020 onward. We took action to reduce our expenses in the face of this challenge and believe the longer term benefits of these cost reductions combined with re-doubling our focus on only growing our India and US Influencer Marketing businesses is already beginning to pay off. Our recent announcements have underscored this renewed momentum and a strong rebound in the current quarter moving us back to more normalized results. We appreciate the backing of our long term supporters and investors during this challenging year around the world."
About QYOU Media
QYOU Media operates in India and the United States producing and distributing content created by social media stars and digital content creators. In India, we curate, produce and distribute premium content including television networks and VOD for cable and satellite television, OTT and mobile platforms. In the United States, we manage influencer marketing campaigns for major film studios 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 650 million consumers around the world. Experience our work at www.qyoumedia.com and www.theqindia.com
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