Net Loss Narrows Significantly From Year Prior Levels
NEW YORK, May 22, 2023 /PRNewswire/ — VNUE, Inc (OTC: “VNUE”) reported results for the quarter ended March 31, 2022.
The Company reported a net loss available to common shareholders of $439,001 ($0.00 per share) for the three months ended March 31, 2023 compared to a net loss available to common shareholders of $1,193,106 ($0.00) for the three months ended March 31, 2022, an improvement of $754,105.
Gross revenues were $387,902 for the three months ended March 31, 2023 compared to $195,690 in gross revenues for the three months ended March 31, 2022. The 2022 period includes approximately one and one half months of revenue at the Company’s Stage It subsidiary which was acquired on February 14, 2022.
Zack Bair, VNUE’s Chairman and CEO stated. “Our operating loss narrowed significantly during our first quarter compared to last year. I’m very happy to report that our initiatives that we’ve undertaken are starting to have a positive impact on our operations. Further to this, we have more initiatives that should result in even more improvements for Q2. Additionally, we believe that we are finally past the devastating impact that Covid-19 had on the live music industry and resulted in many of our peers becoming insolvent. This past weekend, we started recording the Matchbox Twenty “Slow Dream” tour – which has been delayed three years due to Covid. Onsite and online sales are already brisk, with numerous customers purchasing the limited edition, double live CD sets.”
The CD sets may be purchased online at https://bit.ly/MB2023LIVECD, and may be picked up at the shows being attended, or shipped home to customers. The tour covers over 50 dates in the U.S., and will continue in Australia and New Zealand early next year. VNUE will be at virtually every date, creating lifelong keepsakes that will forever connect fans to their favorite band.
Mr. Bair continued “With our other objectives including Soundstr and Stageit, our continued work involving our uplist plans, the matchbox twenty tour, and our Metaverse push, we have a very busy summer coming up.”
About VNUE, Inc. (www.vnue.com)
VNUE, Inc. is a multi-faceted music technology company dedicated to monetizing the live music experience for artists, labels, writers, and publishers, with products such as its set.fm instant content distribution platform, exclusive license partner and “instant live” pioneer DiscLive (www.disclive.net), and protecting the rights of artists and writers with the company’s Soundstr music recognition technology (MRT) (www.soundstr.com). VNUE also recently acquired StageIt (www.stageit.com), one of the oldest and most well-known ticketed live-streaming platforms.
The veteran entrepreneurs, artists, and songwriters behind VNUE, led by music and tech entrepreneur and recording artist Zach Bair (www.zachbairmusic.com), are passionate about the future of their industry and ensuring that rights holders’ value is not lost amid always-changing technology.
Safe Harbor Statement
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Non-GAAP Financial Measures
This press release contains a non-GAAP financial measure. The Company believes that, in addition to other financial measures, “Gross Revenues” is an appropriate indicator to assist in the evaluation of its operating performance on a period-to-period basis. “Gross Revenues” should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles.
SOURCE VNUE, Inc.
Originally published at https://www.prnewswire.com/news-releases/vnue-reports-q-1-2023-results-301830444.html
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