QYOU Media Inc., a company operating in India and the United States, recently released its financial results for the March 31, 2024 quarter, achieving a significant milestone. The company, renowned for its production and distribution of content featuring social media influencers and digital content creators, reported its highest-ever quarterly revenue of $8,227,089. This remarkable achievement reflects a 17% year-over-year increase, fueled by robust performances from QYOU USA and the burgeoning direct-to-consumer gaming business in India.
In addition to its record-breaking revenue, QYOU Media also reported a notable 36% improvement in Adjusted EBITDA, totaling $276,654. This uptick was credited to the impressive revenue growth of QYOU USA and strategic investments in the gaming sector, digital channels, workforce expansion, and forging new relationships within the social media landscape. Furthermore, the company observed a 10% enhancement in net loss reduction, amounting to a decrease of $146,854 compared to the corresponding period last year, largely attributed to increased revenue streams.
Ending the quarter with a robust cash balance of $1,615,481, QYOU Media witnessed a substantial increase from $736,713 in the previous year. Moreover, the company significantly reduced cash used in operating activities, plummeting to $110,108 from $1,897,153 in the final quarter of 2023, primarily due to improved trade receivables collection.
Curt Marvis, CEO and Co-Founder of QYOU Media, expressed his contentment with the results, affirming, “Q1 2024 marked a powerful rebound for our business particularly driven by the strong performance of our QYOU USA business unit along with the early contributions coming from our India based gaming business. It is obviously very gratifying to see us reach an all-time quarterly revenue record while also improving our Adjusted EBITDA results. This year we will continue to be focused on optimizing the value of each of our business units and assets to drive consistent and predictable growth in the future.”
Capitalizing on its expansive reach and proficiency in content creation and dissemination, QYOU Media engages a global audience effectively. With a significant presence in India via its flagship brand, The Q, and a plethora of connected TV channels, the company reaches over 125 million Indian households weekly. In the United States, QYOU Media empowers major film studios, game publishers, and brands through creator-driven content and impactful influencer marketing initiatives.
Despite the positive financial outcomes, QYOU Media remains steadfast in its commitment to future growth and optimization. The company’s strategic investments and partnerships continue to bolster its position in the dynamic realms of digital content creation and gaming, ensuring its relevance and resilience in an ever-evolving landscape.
