Destiny Media Technologies Reports Record Revenues for Q1 2008
“Revenue exceeded management’s projections again on the strength of new contracts and increased usage by existing customers” said Fred Vandenberg Chief Financial Officer. “Play MPE® revenues grew by more than 30% from the prior quarter, while Clipstream® revenues grew by more than 22%. The loss from operations increased to $.02 per share, reflecting increases in expenses for staffing, advertising and European and Asian IP protection in preparation of anticipated growth.”
Management expects revenue growth to continue to accelerate as free trial usage of the Play MPE® system come to an end and as more focus is put on Clipstream® sales and marketing efforts.
On December 18, 2007, the company signed a company wide agreement with a second major North American record label. Details on this agreement are expected to be released within a week. The company has entered into paid agreements for Play MPE® usage directly with some sub labels at two majors and company wide agreements with the other two. The company expects to completely phase out trial usage in the current quarter.
About Destiny Media Technologies
Destiny (http://www.dsny.com) is a software development company which provides tools that some of the world’s largest media companies use to distribute their content on the internet.
The MPE® product line is based on two patent pending technologies which give the content owner the choice of locking content or embedding a digital trace that identifies the person that made copies. The Play MPE® (http://www.plaympe.com and http://www.myplaympe.com) music preview service securely moves pre-release music for over thousand record labels to trusted third parties, such as radio stations and media outlets. PODDS™ (http://www.podds.ca) is an MPE® powered white label software solution for securely selling music online. Destiny operates their own online store selling digital music to DJ’s and online jukeboxes in Canada.
Clipstream® is a standards based streaming video solution which reaches more viewers than other technologies at a fraction of the bandwidth cost. Other products require the purchase and maintenance of complicated and expensive streaming servers. With Clipstream®, content owners simply and encode and upload to their existing webserver. Visitors to the site don’t need to download or install video software. Clipstream® products include on demand audio (http://www.clipstreamaudio.com) and video (http://www.clipstream.com), internet radio (http://www.radiodestiny.com), IPTV (http://live.clipstream.com), telephone audio (http://www.audio-mail.com) and solutions for adverting (http://clipstreamad.com/ ) and market research (http://surveyclip.com/) customers.
For additional information contact:
Fred Vandenberg, CFO
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.