Destiny Media Technologies Provides Year end Corporate Update
VANCOUVER, B.C., SEPTEMBER 19, 2008 – Destiny Media Technologies (OTC Bulletin Board: DSNY), the global leader in the secure distribution of pre-release music to radio and provider of instant play streaming media, is pleased to provide a corporate update and guidance on the year ending August 31st.
During the quarter, we experienced growth in both the Clipstream® and Play MPE® product lines and we anticipate reporting an overall increase of more than 20% over our third quarter results. Audited financials are expected by November 29th.
Fred Vandenberg, Destiny CFO, says, “Our largest area of growth continues to be revenue from our Play MPE® system, which is up at least 25% from Q3 and which grew for the 12th consecutive quarter.
Every major customer group showed an increase in usage. Universal Music Group announced an expansion of their agreement with Destiny in June and an encouraging trend is the high revenue growth with labels that have recently gone to commercial usage. Revenue from EMI, Warner Music Group and Sony BMG grew more than 300%. Contracts signed with Major Label clients in Northern Europe and expanded use by existing major independent labels also contributed significantly to the over-all growth.”
“What’s encouraging about this increased revenue, is that operating costs continue to decrease as labels incorporate Play MPE® into their work flow”, said company CEO, Steve Vestergaard. “Loss from operations has dropped by more than 40% from the prior quarter. The company is not seeking external financing and is looking forward to imminent profitability.”
Mr. Vestergard says the company is pleased with progress. “As per our June guidance, a third major label went to full company wide commercial usage effective July 1. A number of sublabels from the fourth major are regularly sending out paid sends.
Mediabase access to Play MPE® in Canada launched during the quarter. 1,523 tracks were made available to Canadian radio, resulting in 783 streams, 842 downloads and 750 exports by 90 recipients and as promised in June, we expect to continue to expand our activities in Canada.”
The company completely phased out all unpaid trials in the United States as of August 31. Three major labels have gone to paid agreement in northern Europe and this usage is continuing to expand. Trials continued in the rest of Europe and Latin America. 636 singles, 49 bundles and 1 album generated 95,000 transactions during the quarter in Australia and New Zealand.
About Destiny Media Technologies
Destiny (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. Products include Play MPE®, Clipstream® and Radio Destiny™.
Steve Vestergaard CEO Destiny Media Technologies, Inc. 604 609 7736 x222 firstname.lastname@example.org
Safe Harbor Statement:
"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.