MEGA MATRIX CORP. Provides Business Update

PALO ALTO, Calif., March 18, 2024 (GLOBE NEWSWIRE) -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE American: MPU), today provided a business update.

Recent Events

During the first quarter of 2024, the company ceased its crypto-related business operation and is concentrating on its short drama streaming services. This transition is evident by the following significant events:

• On November 15, 2023, the Company entered into a non-binding letter of intent to acquire 60% of the voting capital stock of Yuder Pte, Ltd. On January 8, 2024, the Company closed the acquisition of its interest in Yuder, a company that operates FlexTV, a leading short drama streaming platform based in Singapore, specializing in producing English and Thai dramas.
• On January 20, 2024, FlexTV's rose to 8th position in the Apple App Store Entertainment Top Charts (Free Apps, U.S.).
• FlexTV's total unaudited top-up and subscription fee from the users for January and February 2024 reached a total of $6.5 million, marking a 360% increase compared to the combined total unaudited amount of top-up and subscription fee for November and December 2023. We anticipate that the rate of growth will continue.
• As of March 5, 2024, the Company has ceased its solo-staking business operations.

Financial Highlights

• The Company closed the private placements of $3.7 million during December 2023 through January 2024.
• The Company has filed its Form 10-K for the year ended December 31, 2023. Investors may access the report at www.sec.gov.

Management Commentary

Mr. Yucheng Hu, CEO of Mega Matrix Corp. said, “In Q4 of 2023, Mega Matrix Corp. strategically transitioned away from the cryptocurrency sector, redirecting our focus towards FlexTV, our short drama platform designed for the vertical screen era. This shift reflects our commitment to adaptability and market responsiveness.

As we enter 2024, our primary objective is to enhance FlexTV's offerings to meet the evolving preferences of our audience. Leveraging our expertise in content creation and distribution, we aim to capitalize on the increasing demand for immersive, bite-sized content experiences.

Our commitment to delivering captivating content remains steadfast. We are confident that this strategic realignment will not only drive success for FlexTV but also solidify our position as pioneers shaping the future of entertainment, providing shareholders with even greater returns on their investment.”