Business
Intercept Music, Wholly Owned Subsidiary of Sanwire Corporation, Provides Revenue Guidance
Intercept Music, Wholly Owned Subsidiary of Sanwire Corporation, Provides Revenue Guidance.
About this update from Sanwire Corp.
[{"type":"text","content":"\n\n\n\nIntercept Music, Wholly Owned Subsidiary of Sanwire Corporation, Provides Revenue Guidance\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\nIntercept Music, Wholly Owned Subsidiary of Sanwire Corporation, Provides Revenue Guidance\nPR Newswire\nLOS ANGELES, May 14, 2020\n\n\n\nLOS ANGELES, May 14, 2020 /PRNewswire/ -- Sanwire Corporation, (\"Sanwire\" or \"Company\") (OTC: SNWR), a diversified company focused on the entertainment industry, announced today the latest revenue growth and guidance for its wholly owned subsidiary, Intercept Music, Inc. (\"Intercept\"), and Sanwire's performance on a consolidated basis.\nIntercept's revenues for the quarter ended March 31, 2020 have increased more than 400% from the same quarter of 2019. Sanwire closed the acquisition of Intercept on March 5, 2020; therefore Sanwire will include Intercept's revenue and expense items pro-rata from acquisition closing date to March 31, 2020 on a consolidated basis. \nIntercept's revenue growth is attributed to an expansion of Intercept's product offerings as well as sales that were generated by Intercept's partners.  Revenue is expected to continue to grow in the second quarter of 2020 from services such as the recent introduction of Intercept Plus as well as through strategic acquisitions.\nAdditionally, Intercept announced that it has streamed more than 14,000,000 tracks for its artists. Streaming has become the most popular way for artists to distribute their music through global streaming services such as Apple Music, Google Play, and Pandora, to name a few. Streaming allows music consumers to listen to the music without actually purchasing it. Intercept has increased its streams by over 3,800% in the first quarter of 2020, compared to the first quarter of 2019. \nStreaming currently accounts for more than 80% of the music industry's revenue, and that share continues to increase. Music industry on-demand streaming services have increased more than 25% from 2018 to 2019, with over 60 million Americans subscribed to one of the major streaming services, adding an...