$VNUE ALREADY SHOWN IMPROVEMENTS FROM 2018-2019 BEFORE COVID-19
PANDEMIC SLOW DOWN THE COMPANY'S BUSINESS OPERATIONS...
VNUE, INC. REPORTS RECORD REVENUES - Net Loss Narrows by 40% Press Release | 05/06/2020
VNUE, Inc. (OTC: VNUE)today reported unaudited results for the year ended December 31, 2019 (unaudited) compared to the same period ended December 31, 2018 (audited). The Company expects to file it Form 10-K in the next several with the final numbers.
Revenues increased to a record level of $206,161 for the year ended December 31, 2019 (Unaudited) compared to $82,881 for the same period ended December 31, 2019, which is an increase of approximately 149%. This increase in revenues was a result of our live recording business.
Net losses decreased from $2,356,278 during the year ended December 31, 2018to $1,400,098 (Unaudited) for the year ended December 31, 2019, a decrease of $956,180, or 40.6%.
Financially speaking, I am excited about the progress we made in terms of revenue generation and cost reduction, said CEO Zach Bair. Seeing that the company had zero ability or technology of its own to generate revenue until the end 2017 when we acquired the set.fm platform, I consider this to be a great step forward for the company.More importantly, our work with ((( superstar Rob Thomas ))), as well as other artists, has set the stage for us to perform our services in much larger venues with bands like matchbox twenty. These large tours have a much higher revenue potential.
Although this pandemic has had a financial impact on our business to a degree this spring, it was relatively minor for us to date continued Mr. Bair, the company remains optimistic because tours we have booked do not start until later into the summer. Moreover, we have been able to accomplish a lot of work with our Soundstr music recognition technology (MRT) platform during the quarantine.In fact, we will be shipping a dozen or so units to client beta testers in the coming weeks, which marks a major milestone for the company, and is the precursor for the shipping of units for commercial deployment. We have 450 units on the way for this purpose.
AboutVNUE, Inc.(www.vnue.com)
VNUE, Inc., (OTC:VNUE) is a leading music technology company dedicated to further monetizing the live music experience for artists, labels, writers, and publishers, with products such as itsset.fminstant content distribution platform (www.set.fm), exclusive license partner and "instant live" pioneerDiscLive (www.disclive.net), and protecting the rights of artists and writers with the company'sgroundbreaking Soundstr music recognition technology (MRT) platform (www.soundstr.com). The veteran entrepreneurs, artists and songwriters behindVNUEare passionate about the future of their industry and ensuring that rights holders' value is not lost amid always-changing technology. For more information, please visit www.vnue.com.
