NEW YORK , Jan. 5, 2021 /PRNewswire/ -- VNUE Inc. (OTC: VNUE) today issued a positive update about the Company's business prospects as it looks ahead to 2021.
Despite the severe setbacks in terms of the touring business in 2020 which were completely out of our control due to Covid-19, the Company remains confident that the live music industry will bounce back in 2021. In 2020, the major tour that VNUE was booked to record, Matchbox Twenty, was postponed from last July but is on the books for commencement in July of 2021. Additionally, we expect many artists and labels will be seeking additional revenue sources when they begin to tour again, looking to make up for losses they experienced in 2020. The VNUE team is already conducting outreach in that regard.
As an additional boost, Congress passed the $15bn Save our Stages Act, which authorizes the Small Business Administration to make grants to eligible live music venue operators, producers, promoters, or talent representatives. VNUE expects this to have a very positive impact on the company's live music recording and production business.
In addition to all of the positive work that the Company has accomplished in regard to its proprietary Soundstr music recognition technology, which led to the deployment of multiple beta test sites as well as the announcement regarding commercial deployments in new RockHouse Live locations, VNUE also operates the Company with a very low overhead structure. This has enabled the Company to enter 2021 as a viable entity as opposed to numerous other businesses in the music industry and music technology space who have become insolvent.
Soundstr identifies music played in bars, restaurants, radio stations and other businesses, and will help to lower licensing costs while at the same time helping to ensure the correct songwriters and artists receive royalties.
The Company is also encouraged about the recent significant increase in our stock price. We believe this increase reflects the value of our Soundstr technology, our set.fm live music production and distribution technology, and positions us well to improve our liquidity in 2021. As previously disclosed, the Company has been in meaningful discussions with several entities to improve our balance sheet and to provide additional liquidity and working capital for our business.
About VNUE, Inc. ( www.vnue.com )
VNUE, Inc., (OTC: VNUE) is a music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform ( www.set.fm ), exclusive license partner and "instant live" pioneer DiscLive ( www.disclive.net ), and protecting the rights of artists and writers with the company's Soundstr music recognition technology (MRT) ( www.soundstr.com ). The veteran entrepreneurs, artists and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair , are passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology.
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SOURCE VNUE, Inc.