QYOU Media Reports Q2 FY2020 Results

TORONTO and LOS ANGELES, March 02, 2020 (GLOBE NEWSWIRE) -- QYOU Media Inc. (TSXV: QYOU, OTCQB: QYOUF) ("QYOU Media" or the "Company"), a next generation global media company that curates, packages and distributes premium digital first short-form video for multiscreen distribution, has reported financial results for the three and six months ended December 31, 2019. All figures appear in Canadian dollars.

Financial Highlights for the Quarter

• For the three and six months ending December 31, 2019, revenue was $986,341 and $1,550,074 as compared to  $916,527 and $2,629,230 for the three and six months ended December 31, 2018, an increase of $69,814 (or 8%) for the three month periods and a decrease of $1,079,156 (or 41%) for the six month periods.  The decrease in revenue over the six month period compared to the prior year is primarily due to loss of linear channel and programming revenue for the cancelled Sinclair business.
   
• For the three and six months ended December 31, 2019 net loss increased by $532,008 (or 38%) and $937,662 (or 34%) as compared to the three and six months ended December 31, 2018, which was directly impacted by the decrease in revenue for the six months ended December 31, 2019 and by the increased expenses for the three months ended December 31, 2019.
   
• Cash used in operating activities for the six months ended December 31, 2019 was $708,655 compared to cash used for the six months ended December 31, 2018 of $3,242,841.  The decrease is primarily due to the collection of trade and other receivables

QYOU Media's CEO, Curt Marvis, stated, "We expect our continued investment in The Q India to begin growing revenues during this current fiscal quarter as new advertisers come on board. It has taken us several years to build the foundation of what we believe will be a highly successful channel operation in one of the world’s fastest growing economies. In addition, overall revenues are beginning to build back to the levels of previous quarters as we continue to grow our influencer marketing business both here in the US and India.”

Detailed information in QYOU Media's financial statements for the quarter ended December 31, 2019, the notes to the financial statements and QYOU Media's interim management discussion and analysis and quarterly highlights have been posted to the Company's website and have been filed under QYOU Media Inc.'s profile on SEDAR at www.sedar.com.