Destiny Media Technologies' (TSXV:DSY) (OTCQX:DSNY) CEO Steve Vestergaard Interviewed by Ted Ohashi, CFA - Video Posted on InvestmentPitch.comMay 3, 2013
(Thomson Reuters ONE via COMTEX) -- Vancouver, British Columbia, May 3, 2013 - Destiny Media Technologies' (TSXV:DSY) (OTCQX:DSNY) CEO Steve Vestergaard is interviewed by InvestmentPitch's Ted Ohashi, CFA.
The company recently announced a major upgrade to both the software and hardware infrastructure that powers the Play MPE Direct-to-Web portal (http://goplay.plaympe.com). This site is used by tens of thousands of music industry professionals to access pre-release music and videos distributed through the Play MPE system.
The company is also launching a new cross platform playerless streaming format that doesn't require streaming servers and which reaches up to one hundred times as many viewers as other solutions with the same bandwidth and infrastructure by reusing streams. Publishers can reach internet TV's, smart phones, tablets, e-book readers and computers from a standard web server without the cost of transcoding.
The video interview is also available for viewing. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Destiny" in the search box.
A new Play MPE app for iPhone and iPod Touch (http://plaympe.com/iphone, the first in a series of Play MPE mobile apps Destiny is developing) has been released. Industry professionals who receive content through the Play MPE system can access new broadcast quality pre-release music and music videos through installed applications on Windows and Macintosh, through any web browser and on iOS using the Play MPE iPhone app. An app specifically designed for Android phones is expected in May, followed by apps for iPads, Blackberry phones and Android tablets. All apps are expected to be launched before the end of the fourth fiscal quarter.
On April 8th, Destiny announced a global services contract with the Universal Music Group to provide secure distribution of pre-release music to radio, label staff, and other trusted recipients worldwide. Universal Music Group, the global music leader, with wholly owned operations in 60 territories, owns the most extensive catalogue of music in the industry, consisting of dozens of record labels, including the last 100 years of the world's most popular artists and their recordings.
Steve Vestergaard, Destiny CEO, says that with the acquisition of EMI, Universal Music Group is expected to represent over 40% of major label transaction volume. "We've been working on building our system for several years, with the goal of increased usage when the new software rolled out. This new agreement clears the way for us to work with the staff at the parent to market to their own regional staff to expand to new territories and recipient types."
For the quarter and six-month period ending February 28, 2013 net income before taxes rose by more than $500,000 over the comparative six month period, and by more than $300,000 for the quarter.
The shares are trading at $0.82, and with 50.2 million shares outstanding, the company is capitalized at $41 million.
In the U.S., the investor relations is handled by Dave Mossberg of Three Part Advisors, who can be reached at 817-310-0051.
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Barry Morgan, CFO