Business
Clubhouse Media Group Closes Acquisition of Magiclytics
Clubhouse Media Group Closes Acquisition of Magiclytics.
About this update from Clubhouse Media Group Inc.
[{"type":"text","content":"\n LOS ANGELES, Feb. 08, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Clubhouse Media Group, Inc. (OTCMKTS: CMGR) (“Clubhouse Media” or the “Company”), an influencer-based marketing and media firm with a global aggregate social media reach of over 100 million followers, is pleased to announce the closing of the Company’s acquisition of Magiclytics, the world’s first Revenue Prediction Software platform for influencer-based marketing. Wilfred Man, founder and CEO of Magiclytics, remarked, “Integrating our platform and team into the flourishing influencer model at Clubhouse Media creates enormous complementarity, and we are thrilled to come on board. Our AI engine has processed billions of social, demographic and financial data points in order to optimize virtually any influencer campaign. Simply put, we give brands meaningful insight into the ROI they can expect from an influencer before they part with a single penny.” Historically, brands have turned to superficial and often misleading metrics – impressions, “likes”, sharing – as proxies for estimating returns on prospective influencer-based marketing across social media platforms. This process is rarely better than random guesswork because it incorrectly assumes a direct relationship between visibility and efficacy. Magiclytics leverages its massive database and leading-edge proprietary AI-driven predictive analytics technology to project the actual return, in sales, from the pairing of a specific product with a specific influencer or group of influencers. Historical data maintained by Magiclytics demonstrates the accuracy of its technology. Clubhouse Media believes that proprietary predictive analytics represents a potentially critical edge in an industry that is already large and growing rapidly. According to Magiclytics’ internal market research, the Company believes the total spend on influencer-based marketing grew 104% on a year-over-year basis in 2020 to reach $4.86 billion. The outlook for the space continues to be strong over coming years according to third-party research. For example, ResearchAndMarkets.com recently released its outlook, which shows the world's influencer marketing platform industry set to grow from $6 billion in 2020 to $24 billion by 2025, at a rapid CAGR of 32%....