Business
Sanwire Corporation and Wholly Owned Subsidiary, Intercept Music, Report Full-Year 2021 Financial Results and Performance Highlights
Sanwire Corporation and Wholly Owned Subsidiary, Intercept Music, Report Full-Year 2021 Financial Results and Performance Highlights.
About this update from Sanwire Corp.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / March 8, 2022 / Sanwire Corporation, a diversified company with a focus on technologies for the entertainment industry ("Sanwire") (OTC PINK:SNWR), and its wholly owned subsidiary, Intercept Music Inc. ("Intercept"), a SaaS entertainment technology company, collectively the "Company," has announced 2021 financial and corporate performance highlights. As the Company prepares for a full public release on March 28, it reports strong growth, significant investment, and critically, successful delivery of services for its core market of music labels and artists.Intercept Music Shows Scalable, Sustainable Growth and InvestmentThe Company's financial statements for the year ended Dec 31, 2021 show strong operational performance and financial position for the core Intercept Music business, which provides record label services to the independent music market. In the context of the continued strong performance of the music industry overall (see below), Intercept Music is ideally positioned for continued and sustainable growth with service offerings that are unparalleled among independent music service companies.As the proof phase of Intercept Music concludes this month, the Company has seen significant increases across many key performance indicators, and has created an infrastructure to accommodate future growth.Highlights of the 2021 financial report include:Increased gross sales more than 70% over previous year;Grew per-artist revenue by 22% over 2020;Converted more than 75% of short-term convertible debt into long debt and equity;Raised more than $1.1 million in new equity financing.Additionally, the Company has expanded and refined its service offerings, with positive results including:Increased customer base, to a current total of 40 independent labels and 300 independent artists;Added branded, turnkey online merchandising stores to enhance artist revenue;Expanded artist marketing services to include playlisting, public relations, advertising, reviews, physical recordings, and more.Operationally, the Company has created a roadmap for future growth and enhanced profitability, as well. Highlights of this side of the business include:Streamlined customer service support, resulting in a 50% decrease in customer service requests;Focused business on labels. As a result of testi...