Business
QYOU Media Reports Q3 FY2020
Toronto, Ontario and Mumbai, India and Los Angeles, California--(Newsfile Corp. - June 1, 2020...
About this update from Qyou Media, Inc.
[{"type":"text","content":"QYOU Media Reports Q3 FY2020Quarterly Revenue Increases 48% and Operating Expenses Decrease 43% Year over Year, Corporate Update and Impact of Covid-19Toronto, Ontario and Mumbai, India and Los Angeles, California--(Newsfile Corp. - June 1, 2020) - QYOU Media Inc. (TSXV: QYOU) (OTCQB: QYOUF) (\"QYOU Media\" or the \"Company\"), a media company operating in India and the United States, has reported financial results for the three months ended March 31, 2020. All figures appear in Canadian dollars.Financial Highlights for the QuarterFor the three months ended March 31, 2020, revenue was $887,898 (of which approximately 4% was from Q India operations) as compared to $601,269 for the three months ended March 31, 2019 (of which 0% was from Q India operations), an increase of $286,629 or 48%. The increase in revenue for the three-month period compared to prior year is primarily due to growth in the Company's Influencer Marketing division.For the three months ended March 31, 2020 net loss decreased by $793,608 or 43%. The decrease for the three months reflects the increase in revenue and decrease in total expenses for the same period. For the three months ended March 31, 2020, other operating expenses decreased by $367,920 or 23% compared to the three months ended March 31, 2019 primarily due to a decrease in sales and marketing, and general and administrative expenses offset by increased stock-based compensation.For the nine months ended March 31, 2020, revenue was $2,437,972 as compared to $3,230,499 for the nine months ended March 31, 2019, a decrease of $792,527 or 25%. The decrease in revenue over the nine-month period compared to prior year is primarily due to loss of linear channel revenue for the discontinued Sinclair business. For the nine months ended March 31, 2020 net loss increased by $144,054 or 3% vs the corresponding period a year earlier. For the nine months ended March 31, 2020, other operating expenses decreased by $761,211 or 15% compared to the nine months ended March 31, 2019, primarily due to decrease in the majority of operating expenses.Report on the impact of Covid-19The Company operates two primary business segments: Q India and US Influencer Marketing.In India, the Company operates The Q India, a burgeoning linear TV channel as well as a comprehensive VOD offering focused on young Indians (20 to 30-year-olds...