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Gamelancer Media Revenue Exceeds Q1 Guidance; Reports Fiscal Year 2022 Audited Financials
TORONTO, ON / ACCESSWIRE / May 2, 2023 / Gamelancer Media Corp (CSE:GMNG)(OTCQB:GAMGF)(FR...
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[{"type":"text","content":"Gamelancer Media Revenue Exceeds Q1 Guidance; Reports Fiscal Year 2022 Audited FinancialsTORONTO, ON / ACCESSWIRE / May 2, 2023 / Gamelancer Media Corp (CSE:GMNG)(OTCQB:GAMGF)(FRA:P93) (Gamelancer or the ‘Company') a media-production, entertainment & distribution company is pleased to report that it has surpassed its previously provided management reviewed guidance on Snapchat revenues for Q1, marking a strong start to the fiscal year 2023. In fiscal year 2022 Gamelancer generated total revenue of $3.5 million, having only run its first direct media campaign on the Gamelancer TikTok network in June of that year, click HERE to view. Gamelancer Media generates revenue through its \"creative + distribution\" model, providing customers short-form and long-form video production, and broadcast of that video with targeted distribution to specific demographics across the Gamelancer Media network. Owning one of the largest networks globally on TikTok and Snapchat, with significant channel growth on Instagram, Gamelancer's extensive network comprises 54 channels that collectively engage over 39 million followers and subscribers.Q1 Management Reviewed FinancialsGamelancer has exceeded its Q1 2023 revenue forecast for Snapchat. Management had projected revenues of $542,804.61 CDN, but the actual revenue generated by the Company for the quarter was $621,827.38 CDN*, representing a significant 14% increase over the forecasted numbers. This achievement demonstrates the Company's ability to effectively execute its strategic initiatives and capitalize on emerging opportunities in the digital media space. It is important to highlight that Q1 is historically a period of lower ad-spend in the media industry, which makes Gamelancer's achievement of exceeding its Q1 2023 revenue forecast for Snapchat even more noteworthy.2022 Fiscal YearGamelancer reported total revenues of $3,564,211 in 2022, representing an impressive 1806% increase from the previous fiscal year. Gross margins also saw a substantial improvement, increasing to 66% compared to 57% in Fiscal Year 2021.The Company reported a net loss of $(10,708,209) for the fiscal year 2022, a majority of which was incurred in Q1 and Q2. The net loss includes expenses related to various growth and development initiatives, such as the acquisition of JoyBox Media and Gamelancer Inc. in Q2 by ...