- FY 2019 revenues of $4,718,148 and net loss of $6,123,311 compared to revenues of
- $5,565,348 and net loss of $7,213,174 in FY 2018
Q4 FY 2019 revenues grow to $1,488,000 vs $730,000 in Q4 FY 2018
TORONTO and LOS ANGELES, Oct. 28, 2019 /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, 2019. All figures appear in Canadian dollars.
Financial Highlights for the Quarter
For the twelve months ending June 30, 2019, revenues decreased to $4,718,148 compared to revenues of $5,565,348 for the twelve months ended June 30, 2018, as a result of decreased production and services fees
Net Loss decreased to $6,123,311 for the twelve months ended June 30, 2019, as compared to $7,213,174 for the twelve months ended June 30, 2018 due to strong cost reduction measures.
Cash consumed in operating activities was reduced by approximately $750,000 YOY. When excluding working capital adjustments, cash consumed was reduced YOY by approximately $2.6M, reflecting significantly lowered overhead costs.
QYOU Media’s CEO, Curt Marvis, stated, “Fiscal year 2019 marked a turnaround year for us as we focused on right sizing operating expenses and invested in strengthening our position in India and in the influencer marketing segments of our business. We expect FY 2020 to show continued growth in both of these segments alongside increased opportunities to reinvigorate other areas of our business via new strategic partnerships.”
Detailed information in QYOU Media’s financial statements for the year ended June 30, 2019 and 2018, the notes to the financial statements and QYOU Media’s interim management discussion and analysis and quarterly highlights have been posted to the Company’s website and have been filed under QYOU Media Inc.’s profile on SEDAR at www.sedar.com.