News...Revenues increasing Exponentially Impact of COVID-19: As previously reported by the company on June 1, 2020 and on October 28, 2020, the business in both India and the United States experienced 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 September (Q1 FY 2021). Results for Q2 FY 2021 continued to experience some negative impact from COVID-19.
For the three months ending December 31, 2020, revenue was $968,139 up 148% as compared to $390,950in FY Q1 2021 and down 2% from $986,341 for the three months ended December 31, 2019. Net loss was $518,578 for the 3 months ending December 31, 2020 representing a decrease of 55% as compared to a net loss of $1,149,333 in FY Q1 2021 and a decrease of 73% from $1,944,944 for the three months ended December 31, 2019.
QYOU Media, via its Q India subsidiary has continued to experience rapid growth in 2021 in ratings, distribution and revenues. Highlights include:
In addition the company recently completed fully subscribed bought deal financing for $11.5 million including the over allotment led by investment banks Clarus Securities, Canaccord Genuity and Gravitas Securities. https://www.wildlaw.ca/transactions/2021/qyou-media-inc-completes-$11-million-bought-deal-financing/
Curt Marvis, Co-Founder and CEO of QYOU Media commented, "We are delighted with our growth in 2021 across all key metrics. After three years of solid work and investment the company is now positioned in Indiato grow revenue and brand recognition in a meaningful way. We continue to believe this is only the beginning of a much steeper growth trajectory for our business in the second half of the year."
The Q India is an advertiser and influencer marketing supported Hindi language content brand, channel and VOD provider delivering hit digital programming from social media stars and leading digital video creators targeting Young Indian audiences. The channel has recently become one of India's fastest growing youth entertainment brands reaching 4.4 Gross Rating Points(GRP) on BARC (Broadcast Audience Research Council) in February 2021. With a growing library of over 850 programs, and beginning in April with the addition of DD Free Dish, the channel will reach an audience of 700 million via 88 million television homes with partners including TATA Sky, Airtel DTH, SitiNetworks and DD Free Dish; 380 million OTT users via platforms including ShemarooMe, MX Player, ZEE5, and Dish Watcho; and 232 million users on mobile and digital platforms including Snap, JioTV, Airtel Xstream, Amazon Fire TV and Chingari.
The company also announced that on June 5, 2017, Curt Marvis, the Chief Executive Officer of the Company, issued a promissory note to and in favour of the Company, evidencing a loan by the Company to Mr. Marvis in the original principal amount of US$150,000. The Note bears interest at a rate of three percent per annum. Subject to the approval of the TSX Venture Exchange, the Board of Directors and Mr. Marvis agreed that if Mr. Marvis still held the position of an executive of the Company as at January 31, 2021, the obligations outstanding under the Note as at such date would be forgiven. As Mr. Marvis remained Chief Executive Officer of the Company on January 31, 2021, the Note has been cancelled, subject to the approval of the TSX Venture Exchange. In addition the company has filed for the issuance of 4.4M options (exercisable at $.30 per share) and 8.8M RSU grants to certain executives and board members under the vesting terms of the respective plans.