Business
Creatd, Inc. $VOCL Reports Record Revenues of $10 Million for Fiscal Year 2022
Creatd, Inc. $VOCL Reports Record Revenues of $10 Million for Fiscal Year 2022.
About this update from Creatd Inc.
[{"type":"text","content":"\n\n\n\nCreatd, Inc. $VOCL Reports Record Revenues of $10 Million for Fiscal Year 2022\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCreatd, Inc. $VOCL Reports Record Revenues of $10 Million for Fiscal Year 2022\nPR Newswire\nNEW YORK, April 19, 2023\n\n\n\nNEW YORK, April 19, 2023 /PRNewswire/ -- Creatd, Inc. $VOCL; Upstream: $VOCL (\"Creatd\" or the \"Company\"), the parent company of Vocal offers creators economic opportunities, revenue generation, and brand collaborations. Their creator-centric strategy provides advanced tools, supportive communities, and monetization options through the Vocal platform.\n\n \n \n \n \n \n \n\n \n2022 Full-Year Financial and Operational Highlights\nCreatd, Inc.'s gross revenues for FY 2022 increased to $10 million, representing a 47% year-over-year growth from $6.6 million in FY 2021. This growth is attributed to our team's innovation, strategic investments, and unique solutions for our customers.GAAP revenues rose to $4.8 million in FY 2022, up from $4.3 million in FY 2021, marking a 12% increase of $500,000. Despite market headwinds, the Company saw growth in its ecommerce business. Even with a decrease in agency revenues in a slower influencer sales market, Vocal revenues remained stable, albeit experiencing a slight decline as the Company shifted from a pay-to-play model to an organic growth framework that allows for long-term scalability.The Company expects over $5 million of GAAP revenues for FY 2023.Operating expenses for the year ended December 31, 2022 showed a substantial decrease compared to the previous year. This reduction can be attributed to a significant cut in overhead costs, a major drop in marketing spend, and lower research and development expenses. Furthermore, stock-based compensation also decreased, contributing to the overall reduction in expenses. However, this was partially offset by a rise in legal and consulting fees, as well as office rent.The Company continues to reduce operating expenses. First quarter 2023 has already shown a near 50% reduction in expenses, compared to first quarter 2022. A majority o...