VNUE, Inc. Expects Strongest Fourth Quarter Ever, Record SalesPress Release | 11/26/2018
NEW YORK, NY / ACCESSWIRE / November 26, 2018 / Driven by aggressive artist outreach after its successful acquisitions of the set.fm technology and its partnership with DiscLive, VNUE, Inc. reported a 100% increase in revenues as compared to the same period last year in its latest 10Q filing, and the company expects revenues in the fourth quarter alone to be at least three times that of the entire year of 2017.
"In 2016, which was generally devoted to retooling the company, VNUE had not yet achieved revenue generation. In 2017, VNUE began to move into execution mode, and was just starting to get its feet on the ground with our initial "instant live" recording deal with former Creed lead singer Scott Stapp," said Zach Bair, CEO of VNUE." After acquiring the set.fm technology that fall, and starting with our first set of Rob Thomas shows in early 2018, the company has aggressively pursued new engagements with well-known artists at a staggering rate. We signed no less than 12 artists since the end of that month, including Paul Rodgers (of Bad Company), King's X, Fishbone, The White Buffalo, Patty Smyth & Scandal, Marc Cohn, Ron Pope, the SiriusXM Hair Nation Tour, The Music of Cream Tour, and the Vans Warped Tour."
All in all, VNUE has recorded over 113 concerts and approximately 50 total artists in 2018, far surpassing 2017, offering that exclusive content for sale on its set.fm digital platform and the DiscLive.net website for physical collectible products.
VNUE recently announced another set of shows with superstar Thomas, lead singer of the platinum-selling band Matchbox Twenty, which will kick off in mid-January. Bair reports that fourth quarter sales are largely driven by Thomas' pre-sales as well as a successful engagement with the Music of Cream Tour, which just wrapped, as well as catalog sales as the exclusive live content library continues to grow. He noted that even though the revenues are still relatively small, it is nevertheless a big jump from last year, and an indicator of the company's solid model as it continues to gain traction.
The company also expects the revenue to grow at an especially compelling rate as the company moves into 2019, in part due to its Soundstr (soundstr.com) music recognition technology (MRT), which the company acquired earlier this year.
"We are beginning our deployment of Soundstr, which is our patent-pending subscription-based hardware and cloud solution to identify live and recorded music played in venues as well as other businesses such as bars and restaurants, as well as on radio, with the dual goals of (a) making sure the correct rights holders are properly compensated, and (b) ensuring business owners have the opportunity to pay only their fair share for music performance licensing. In the US alone, this is a billion-dollar-plus market. Globally it is much larger, and we hope that by leveraging our unique technology and partnerships, and by being a first mover, we can capture a significant portion of it."
Eventually, said Bair, one goal is to combine Soundstr into the company's recording technology, to enable even faster and more accurate "on-the-fly" identification and licensing of live music that is being recorded and being released instantly.
For more information about VNUE's consumer-facing products, please visit:
www.soundstr.com - Soundstr.
www.set.fm & www.disclive.net - for recorded consumer products.
