VNUE HITS THE RESET BUTTON ON STAGEIT.COM
VNUE, Inc. (OTC: VNUE) has acquired StageIt and is implementing significant changes to prioritize artists and drive positive EBITA quickly. The previous management has been replaced, and Lou Mann has been appointed CEO. VNUE has already paid off over $1 million in StageIt’s debt and reduced the workforce by over 90%. StageIt generated approximately $600K in revenue since December 1, 2021, with expectations to reach $3-4 million in total revenue for 2022. VNUE plans to integrate StageIt with its other platforms to enhance revenue opportunities.
- Paid off over $1 million in StageIt debt.
- Reduced StageIt workforce by over 90%, streamlining operations.
- Anticipates $3-4 million in revenue for 2022 following the acquisition.
- Plans to integrate StageIt with set.fm and DiscLive to double potential revenue.
- None.
NEW YORK, March 9, 2022 /PRNewswire/ -- Although the dust has still not even settled from the fresh acquisition of StageIt (stageit.com) by VNUE, Inc. (OTC: VNUE), the company is already making bold moves to ensure that the platform's artists come first, and that StageIt is able to achieve a positive EBITA in record time.
"The prior management of StageIt is no longer with the company," stated VNUE's CEO Zach Bair. "Lou Mann, as noted in our prior release, has been appointed CEO of the company, and is leading the day-to-day, along with strategic assistance directly from me as well as founder of StageIt Evan Lowenstein, who is joining VNUE's board of directors."
Mann is also EVP and a director for VNUE. He formerly served as GM and EVP of Capitol Records, and president of Media Properties for House of Blues.
"StageIt experienced exponential growth when the pandemic hit, and subsequently grew too fast. To handle that growth, it needed to be responsive to the various challenges the market was demanding," said Bair. "The company needed VNUE to step in with its experienced team of music business executives that had the knowledge and expertise to take StageIt to be the industry leader in online performances. Prior to and subsequent to the acquisition, VNUE has been working to pay off StageIt debt, and in fact has done so already to the tune of over
Since December 1st, StageIt has generated approximately
StageIt is now being led by experienced music industry executives from all facets of the industry, including live music, major record label, promoting, and even artists – as Bair and Lowenstein both are artists, the latter of whom had a hit with his brother Jaron called "Crazy For This Girl" in 2000. Bair just released his latest single, "The Great Divide", February 25th. As such the team realizes the importance of placing artists first.
Lou Mann said "The StageIt platform is amazing. This technology offers the artists a way to monetize their performance, announce tour dates and try out new material. We have an "ARTIST FIRST" philosophy that will become evident in the upcoming months."
VNUE noted that December through February is the slowest time of the year for StageIt, and the company expects revenues to increase as we get into the spring and summer season. Based on the revenue noted above, the company expects approximately
Higlighting the importance of the acquisition, StageIt adds significantly to set.fm and DiscLive, VNUE's other revenue generating properties. By combining the services – for example, allowing artists to sell same audio as utilized during a StageIt stream using the set.fm platform, artist and company revenue can potentially be doubled. And, by extending this to the physical, collectible products offered by DiscLive, such as limited edition "instant" CDs as well as Vinyl, collectible laminates, T-shirts, and other custom items, the StageIt opportunity becomes much larger. In fact, VNUE plans to explore partnerships with brand partners in order to leverage the full potential of the various extended platform space, which will increase the revenue available to artists. Importantly, the company also expects to leverage its Soundstr platform in association with StageIt in turn helping mitigate PRO costs, since many times streams do not in fact have
About VNUE, Inc. (www.vnue.com)
VNUE, Inc., (OTC: VNUE) is a multi-faceted 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). VNUE also recently acquired StageIt (www.stageit.com), one of the oldest and most well-known ticketed livestreaming platforms.
The veteran entrepreneurs, artists and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair (www.zachbairmusic.com), are passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology. VNUE also holds a
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SOURCE VNUE, Inc.
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