Destiny Media Technologies Announces Third Quarter Results
Vancouver, BC – July 16, 2007 – Destiny Media Technologies (DSNY: OTCBB) today announced financial results for the third quarter of fiscal 2007, highlighted by sharply higher system access fees for its proprietary Play MPE™ secure digital media distribution system and the launch of Clipstream™ 3, the company's newest-generation solution for playing user-generated audio and video over the Internet.
For the three months ended May 31, 2007, access fees from Destiny's proprietary Play MPE™ secure digital media distribution system surged to $165,735 which is 250% of $65,860 reported for the second quarter of fiscal 2007, reflecting the transition from the pilot phase to full transaction-based pricing and the expansion of the system into Canada. Total Play MPE™ transactions increased 229% to 15,164,920 in Q3 2007 from 4,613,725 in Q3 2006.
"We expect Play MPE™ access fees to increase to at least $190,000 in the fourth quarter of fiscal 2007 based on anticipated growth in usage with existing paid customers. We anticipate a larger sequential increase in the first quarter of fiscal 2008 as we complete the implementation of our pricing model and additional pilot phase customers in the U.S. and Canada go to commercial contract," said CFO Fred Vandenberg.