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Media Central Corporation Adopts 2021 Strategic Plan
2021-02-04 08:01 ET - News Release
Investment in technology infrastructure and digital platforms and products repositions MediaCentral Corporation for near-term profitability, debt reduction and double-digit revenue growth
- MediaCentral will build its foundational future on NOW Magazine and the Georgia Straight's 93 years of brand awareness and trusted alternative news content.
- Investments in a new unified technology infrastructure will significantly enhance the user experience across all of its wholly owned digital platforms.
- The Company anticipates releasing two new digital products slated for Spring 2021 to diversify revenue beyond traditional advertising:
- CreatorNews will be a global news aggregator site focused on arts, culture and lifestyle content and supported by supply side programmatic advertising.
- CreatorStack will be a subscription newsletter platform that hosts paid content creators specialized in arts, culture and lifestyle in a revenue sharing business model.
TORONTO, ON / ACCESSWIRE / February 4, 2021 / Media Central Corporation Inc. (CSE:FLYY)(FSE:3AT) ("MediaCentral" or the "Company"), a publicly held holding company of media assets that trades on the Canadian Securities Exchange, today announced a wave of new digital initiatives as part of the Company's 2021 strategic growth plan.
"We believe that the future of our business is the intersection of content and technology," said Manos Pavlakis, the Company's Board Chairman. "Our strategy is to leverage this intersection to allow MediaCentral the flexibility to quickly embrace new digital revenue streams and methods to scale our audience. This plan reduces the risk of being reliant on traditional print and digital advertising and is key to the success of a modern media company."
A critical element of the plan is integrating Lunarstorm Technologies, Inc. ("Lunarstorm") with MediaCentral's operating teams and management to develop new, cutting-edge digital products.
Lunarstorm is a leading provider of technology solutions to Canadian businesses based in Guelph, ON. They have already completed the first stage of unifying MediaCentral's existing publishing platforms. Development of MediaCentral's new digital products CreatorNews and CreatorStack is well underway to meet a Spring 2021 launch deadline.
CreatorNews and CreatorStack will expand MediaCentral's position as the voice of alternative publications as established through its legacy outlets NOW Magazine ("NOW") and the Georgia Straight ("Straight"). CreatorNews will function as a global aggregator of top alternative news and content while CreatorStack will be a platform to curate paid newsletters published by independent journalists and bloggers under a shared revenue business model. The new digital platforms will focus on established areas of interest among alternative publication readers including: Politics, Arts, Culture, Film, Comedy, Music, Books, Urban Living & Real Estate, Food & Drink, Events, Lifestyle and Adult Entertainment.
A second key element of MediaCentra's strategic plan is to embrace and enable omnichannel content creators on both existing publications and new platforms like CreatorNews and CreatorStack. The Company is focused on identifying leading journalists, podcasters, video producers and bloggers to produce content across MediaCentral's publications, web sites, web-enabled mobile sites, newsletters and social media feeds in addition to its existing award-winning editorial team.
"We face the same challenges today as every media company with the exception of a handful of highly successful global media organizations," said MediaCentral President Kirk MacDonald. "If we don't find ways to rapidly increase the depth and range of our content and the scale of our audience, we are living on borrowed time. Relying only on traditional media advertising revenue streams is a death sentence. CreatorStack and CreatorNews will introduce new readers to MediaCentral by tapping into leading global content creators. We anticipate that this will open up significant new streams of revenue for the Company."
MediaCentral also intends to rebrand both its cannabis digital magazine CannCentral and its adult entertainment platform Toronto Adults including introducing enhanced user experience features such as ecommerce and streaming video. The Company anticipates announcing the new brand names of both platforms in Q2, 2021.
Additionally, MediaCentral announced that it has negotiated various debt conversion agreements (collectively, the "Debt Agreements") with two (2) arm's length creditors (collectively, the "Creditors").
Pursuant to the terms of the Debt Agreements, the Company has agreed to issue an aggregate of 9,000,000 common shares ("Debt Shares") to the Creditors in exchange for the cancellation of $90,000 in debt owing to the parties.
The Debt Shares issued pursuant to the debt conversion are subject to a statutory four (4) month hold period.
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company situated to acquire and develop high-quality publishing assets starting with the acquisitions of Vancouver Free Press Corp. and NOW Central Communications Inc. as well as the launch of digital cannabis platform CannCentral.com and ESports outlet ECentralSports.com. MediaCentral is consolidating and digitally monetizing the over 100 million coveted and premium consumers of the approximately 100 alternative urban publications across North America, creating the most powerful audience of influencers.
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