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Kartoon Studios (NYSE American: TOON) reported a profitable first quarter in 2024 for its Kartoon Channel! streaming service, which now outperforms Disney+ in Apple App Store rankings. The company reduced direct operating costs by over 60% year-over-year and 29% sequentially. CEO Andy Heyward projects company-wide profitability by Q2 2025. Significant strides include launching a Stan Lee Universe store on Amazon, partnering with digital collectibles platform VeVe, and introducing a YouTube channel, 'Stan Lee Presents,' which gained 300,000 subscribers. The company also announced the implementation of AI technologies with Nvidia Omniverse to enhance its animation production. Kartoon Studios reported $6.1 million in revenue for Q1 2024, with no long-term debt and healthy financials. The company plans a major brand announcement later in the quarter.
Kartoon Studios, Inc. (NYSE AMERICAN: TOON) partners with GFM Animation to produce five animated feature films from the Stan Lee Universe, aiming to bring Stan Lee's iconic creations to a global audience. The collaboration signifies a significant milestone in developing projects from the extensive SLU catalog, with a focus on appealing to a broad demographic and families. The partnership will see the creation of high-quality animated films based on Stan Lee's original ideas, with the first three treatments set to be presented at the Cannes Film Festival.