Business
Salon Media Group Reports Second Quarter Fiscal 2017 Results
Salon Media Group Reports Second Quarter Fiscal 2017 Results.
About this update from Salon Media Group Inc
[{"type":"text","content":"\n\n NEW YORK, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Salon Media Group, Inc. (OTCQB:SLNM) today announced its results for the three and six months ending September 30, 2016. \n Highlights: Transition from direct to programmatic advertising revenue continuesOriginal editorial video expanded during the quarterNet revenue decreased to $1.0 million from $1.7 million in the same period last yearPeak monthly traffic for the quarter was 14.2 million users in July Net revenue for the period was $1.0 million, a decrease of 41% from the $1.7 million reported for the three months ending September 30, 2015. For the six months ending September 30, 2016, net revenue was $2.3 million, a decrease of 32% from the $3.4 million reported for the six months ending September 30, 2015. The decrease in revenue as compared to a year ago was a result of both a decline in direct advertising revenues as we shifted our advertising sales efforts to programmatic advertising, and a short-term reduction in inventory available for programmatic advertising sales. Operating expenses for the September 2016 quarter were $1.8 million compared to $2.2 million for the same period last year. For the six months ending September 30, 2016, operating expenses were $4.0 million, compared to $4.5 million for the same period in 2015. The decrease in operating expenses for the six-month period resulted primarily from changes made to the advertising sales team to better match costs with revenue potential, and other cost-cutting measures. The company’s loss from operations for the September 2016 quarter was $0.9 million, compared to a loss of $0.5 million for the same period last year. The company’s loss from operations for the six months ending September 30, 2016, was $1.7 million, compared to a loss of $1.1 million for the same period last year.    Salon has begun refining its strategy to produce original editorial video content focused on news, politics and entertainment, in order to add high-quality diversified content to its website, and to attract premium video advertising that commands higher CPMs as compared to display advertising. Salon’s approach features a combination of long-form video interviews and commentary that are released on Facebook Live and other social media platforms, and short-cuts from these segments tailored for its website. ...