Business
Rumble Reports Strong Second Quarter 2023 Results
~ Record Quarterly Revenue To-Date of $25.0 Million, an Increase of 468% Compared to Q2 2022 ~ ~ Company Strategically Diversifies Content with the Addition
About this update from Rumble Inc.
[{"type":"text","content":"~ Record Quarterly Revenue To-Date of $25.0 Million, an Increase of 468% Compared to Q2 2022 ~ ~ Company Strategically Diversifies Content with the Addition of Top Influencers Across Gaming, Culture and Lifestyle ~ LONGBOAT KEY, Fla., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Rumble Inc. (Nasdaq: RUM) (“Rumble” or the “company”), the popular video-sharing platform, today announced financial results for the fiscal quarter ended June 30, 2023. Q2 2023 Highlights and Key Items Driven by a pool of exclusive premium content and continued early maturation of advertising tools, second quarter revenue increased 468% to $25.0 million, compared to $4.4 million in the second quarter of 2022, and $17.6 million in the first quarter of 2023.Strong consumption with average estimated Minutes Watched Per Month (“MWPM”) increasing by 46% to 11.8 billion in the second quarter of 2023, compared to 8.1 billion in the second quarter of 2022, and 10.8 billion in the first quarter of 2023.Consistent strong growth in hours of uploaded video per day, increasing by 48% to 13,229 in the second quarter of 2023, compared to 8,948 in the second quarter of 2022, and 11,181 in the first quarter of 2023.Average global Monthly Active Users (“MAUs”) of 44 million in the second quarter of 2023 were consistent with the second quarter of 2022, and a slight decline compared to 48 million in the first quarter of 2023. The decrease in MAUs from the third and fourth quarters of 2022 continues to be the result of a slowdown of news and politics outside of the US election cycle and increased competition. Of the 44 million MAUs, 28 million were based in the U.S. and Canada, compared to 32 million in the U.S. and Canada during the second quarter of 2022.As of June 30, 2023, Rumble’s balance of cash, cash equivalents and marketable securities was $296.7 million.Strengthened the advertising business with the alpha release of Rumble’s Creator Sponsorship Marketplace on the Rumble Advertising Center (“RAC”). This is a critical step forward in developing a differentiated value offering for advertisers and initiating scale for creator sponsorship revenue.Further enhanced the functionality of tools available to creators with the strategic acquisition of Callin, a podcasting and livestreaming platform, to greatly accelerate Rumble’s product roadmap and enable a world-class livestreaming exp...