Business
Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year
Total Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year.
About this update from Marvion Inc.
[{"type":"text","content":"\n\n\n\nTotal Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year\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\nTotal Revenue for the first nine months of 2022 spikes 3,681% to $6.5 Million as Compared to the Prior Year\nPR Newswire\nSINGAPORE, Nov. 10, 2022\n\n\n\nThe media and entertainment segment of the Group is showing strong growth for the first nine months.  On a quarter-to-quarter basis, revenue jumped from US$13,677 in 2021 Q3 to US$5,421,280 in 2022 Q3 – resulting in a 39,638% increase\nSINGAPORE, Nov. 10, 2022 /PRNewswire/ -- Metaverse Blockchain company Marvion, a fully owned subsidiary of Bonanza Goldfields Corp. (OTC:BONZ), is pleased to announce that the Group has released the latest financial results for 2022 Q3.\nSome of the financial highlights are:\nFor the nine months ended September 30, 2022, BONZ generated revenue of US$6,515,287 and had about US$5.22million worth of media inventory and US$25,711 cash on hand. The comprehensive loss for the first nine months was US$9.62million with technology and development cost (of about US$8.73million) contributing to most of the expenses.For the first 9 months, there were 3 revenue sources – sale of licensed IP right and media products, transaction fee income and consulting service income; with each source contributing approximately US$6.37million, US$117,843 and US$24,735, respectively.  The sale of licensed IP right and media products as well as transaction fee income are new revenue engines while consulting service income dropped from US$177,017 in 2021 to US$24,735 for the corresponding period in 2022.  This shows that the company is moving away from the non-scalable consulting service to a more scalable business model.Commenting on the 2022 Q3 results, Raymond Chua, CEO for Marvion, said, \"The team has worked hard for the last few months and I think the results speak for itself.  We aim to build upon these results to keep Marvion growing to the next level.  From the expense perspective, we have been investing quit...