Great find there...
For all the people reading this:
The company has FRONT and BACK revenue streams.... You only need a HANDFUL of subscribers on avg (like 2 or 3!) per obscure title as the numbers get real high real fast... and common sense says publishers are doing this because there IS a market for this, and after 8 years they are coming back month after month to publish!
Like any business there will be titles more popular than others, and the premium titles likely have hundred(s) of subscribers monthly each...
All on RECURRING billing cycles!
$$ any way you look at it here...
Where's the large expenses? The publisher already designs and delivers the title... all PIXEL needs is a few engineers to keep the site functioning properly and updated, as well as a salesforce, mgmt, advertising, and office space...
This looks to be a cash cow business that needs nothing more than some good advertising to grow.
Not only that... but an INVESTMENT BANK is running the show here... think they won't be looking for M&A when we hit the capital markets?
THINK BIG