Destiny Media Technologies Provides Corporate Update
Vancouver, BC, November 20, 2007 --- Destiny Media (DSNY OTCBB) is pleased to provide an update on Q4 (2007) and revenue guidance for Q1 (2008).
Play MPE® access fees exceeded management’s expectations for the fourth quarter by 7%, surging 23% over the prior quarter. Clipstream® revenues were down as projected in the July 16 th guidance, but overall revenue grew for a third consecutive quarter. Total revenues for the year were slightly down from the prior year. Our loss per share of $.04 includes approximately $.015 of non cash stock based compensation. Audited financial results for the year ended August 31 st are anticipated to be available the week of November 26th.
Both Clipstream® and MPE® revenues are expected to grow in Q1, with MPE® access fees expected to grow to at least $225,000. Over 1,000 record labels are using the system and the company expects to completely phase out trial usage during Q2. Approximately fifteen promoters and two hundred forty five labels are under paid agreements, including all of Universal Music Group and sublabels of Warner and Sony BMG. A larger sequential increase in revenues is expected in Q2 as more agreements are signed. Revenues for Q2 are expected to be the highest in the company’s history.
Highlights for the year include :
- commercial sales agreement with Universal Music Group
- closing of oversubscribed $2.16 million private placement
- release of Destiny’s innovative watermarking solution and filing of patent
- hiring of sales, marketing and support personel, almost doubling staff
- new larger corporate office, server infrastructure to manage anticipated growth in 2008
- release of new Clipstream® codecs, supporting higher quality audio than MP3 at the same bitrate and full screen, 30 FPS video
- addition of support for music videos to Play MPE®
- launch of PODDS online music software and Canada’s first legal store for commercial music
- launch of artist liner service, allows artists to leave telephone recordings for radio through the Play MPE® service
- strategic agreements with music industry, market research and advertising partners
- expansion of Play MPE® into Canada and intent to expand globally into Europe and Asia
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.
Fred Vandenberg, CFO
Destiny Media Technologies, Inc.
(604) 609-7736 (ext. 236)
"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.