VNUE REPORTS 2022 YTD RESULTS
VNUE, Inc. (OTC: VNUE) reported significant progress in its financial results for the first half of 2022. Revenues reached $134,691, a notable increase from $6,515 in 2021, while the operating loss widened to $16,492,055, reflecting a one-time charge of $15,300,000 for Preferred C Voting stock. Adjusted operating loss stood at $867,055. The company is implementing new revenue models for its Stage It platform and rolling out its Soundstr technology. The live music industry's projected growth reinforces VNUE's strategic positioning.
- Revenues increased to $134,691 from $6,515 year-over-year.
- Implementation of new revenue models for Stage It expected to improve profitability.
- Soundstr rollout in Key West, enhancing market presence and recognition technology.
- Operating loss increased to $16,492,055, including a one-time charge of $15,300,000.
- Adjusted operating loss grew to $867,055 compared to the previous $328,398.
SIGNIFICANT PROGRESS IS BEING MADE AT STAGE IT SUBSIDIARY AND WITH ITS PROPRIETARY SOUNDSTR TECHNOLOGY
NEW YORK, Aug. 22, 2022 /PRNewswire/ -- VNUE, Inc. (OTC: VNUE) today announced its YTD results for 2022. The Company's results of operations for the six months ended June 30, 2022, include the revenues and expenses of Stage It since February 15, 2022, with no revenue or expenses in the comparable 2021 period.
Highlights for the six months ended June 30th, 2022, compared to the six months ended June 30th, 2021, were as follows:
- For the six months ended June 30th, 2022, revenues were
$134,691 compared to$6,515 in the 2021 period. - Operating loss for the six months ended June 30, 2022, was
$16,492,055 compared to an operating loss of$328,398 in the 2021 period. It is important to note that the results for 2022 include a one-time, non-cash charge of$15,300,000 related to the issuance of Preferred C Voting stock and$325,000 in non-cash amortization of intangible assets. - Excluding these items, the Company's adjusted operating loss for the six months ended June 30, 2022, was
$867,055 , compared to$328,398 for the six months ended June 30, 2021. - Additionally, the results for the six months ended June 30, 2022, include an increase of approximately
$310,000 in professional fees over 2021 levels. These fees are primarily associated with the Stage It acquisition and the company's fundraising efforts.
Zach Bair, Chairman and CEO stated, "Although it may be difficult to ascertain in looking at our financial statements, we have made tremendous progress in reducing the historic operating losses at Stage It prior to our acquisition, and positioning it for future success by significantly reducing the overhead and streamlining operations, as well as with advances in other areas of the Company."
- VNUE just implemented a revised model for Stage It, which entails re-implementing fees that were waived for artists during COVID. These fees include
8% of total revenue collected that will be deducted off the top prior to the artist split (active now); an additional3.5% credit card fee and5.5% service fee passed on to the consumer (within 30 days); and a minimum$5 ticket price (within 30 days). Further, the company will be implementing automated payments to artists within 90-120 days, further streamlining the experience for artists and fans alike. This will make a significant difference to Stage It's bottom line, since prior to the change the Company was absorbing all of the back-end platform costs. Stage It is the oldest and most well-known ticketed live streaming platform, enabling musical artists and others the opportunity to monetize unique experiences. - VNUE recently announced the full rollout of Soundstr, commencing in Key West, FL, which is an ideal location for the first rollout – several hundred businesses that leverage music, tightly packed together on an island two miles wide by four miles long, and where CEO Bair already has an established presence and relationships. This rollout is well underway. Soundstr is VNUE's music recognition technology platform, which identifies and tracks music played in public spaces and provides reporting on the various stakeholders such as writers, publishers, artists, and PROs (performing rights organizations). Soundstr is the only product of its kind, tracking music including recorded music and live music, in real-world scenarios, and building a deep database of valuable consumption data.
- The live music business is set for a major comeback after COVID, with one report from Pricewaterhouse Coopers stating the industry is set for a compound annual growth rate of
3.3% , and revenues from the live industry will reach$31 billion in four years. Given that the majority of VNUE's products are geared toward the live music industry, this is good news for the company.
VNUE, Inc., (OTC: VNUE) is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers. For more information please visit vnue.com.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations, and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations, or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results could differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
This press release contains a non-GAAP financial measure. The Company believes that, in addition to other financial measures, "Adjusted Operating Loss" is an appropriate indicator to assist in the evaluation of its operating performance on a period-to-period basis. "Adjusted Operating Loss" should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles.
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SOURCE VNUE, Inc.
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