BlueRush Reports Fiscal 2020 Year-End Financial Results
BlueRush reports strong recurring revenue growth of 157% amid robust demand for personalized video content
TORONTO, Nov. 20, 2020 (GLOBE NEWSWIRE) -- BlueRush Inc. (“BlueRush” or the “Company”) (TSX-V: BTV), an emerging personalized video Software as a Service
(“SaaS”) company, today announced its financial results for the fiscal year ended July 31, 2020 (“Fiscal 2020”).
“BlueRush fiscal year 2020 was a transformative year for the company. We progressed the IndiVideo self-serve product, introduced new partners to our channel strategy, sold the DigitalReach and Smart Advisor assets, and added a new Chief Revenue Officer, all the while driving record revenue,” said Steve Taylor, CEO of BlueRush. “We achieved a 157% increase in subscription and support revenue over FY2019, through a combination of net new clients across the globe and our ‘land and expand’ strategy with existing customers. The majority of our customers now have two or more IndiVideo projects and have proven the technology translates into positive ROI. These strong results are convincing more companies to invest in our self-serve and enterprise platform solutions.”
“Throughout the COVID-19 pandemic, we have heard our new and existing customers speak to the importance of a video-first digital marketing strategy. We are confident that IndiVideo is the solution for our customers and for those seeking to engage their customers at a deeper level.”
“In 2018 we announced our strategy to transform BlueRush from a services-focused digital agency into a subscription revenue focused product company. The continued growth of the subscription business and addition of marquis customers around the world is a great validation of the work of the BlueRush team,” stated Mr. Taylor.
While the COVID-19 pandemic has not had a significant impact on our financial results to date, customers and prospects have accelerated their adoption of digital strategies, which is leading to increased interest and usage of our core product- IndiVideo. The digital video market is growing strongly, and we have built an exciting pipeline of new customers. BlueRush has now established a foothold in some of the fastest growing vertical markets, positioning the Company for profitability and sustainable growth.