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NAPLES, Fla., March 31, 2023 (GLOBE NEWSWIRE) — Music Licensing, Inc. (OTC: SONG), a leading provider of music licensing services, today reported financial results for the fiscal year ended December 31, 2022. announced.
Financial Highlights for Fiscal Year 2022:
- Total revenue increased to $41,596, representing an impressive growth of 106.7% compared to $20,101 in 2021.
- The 2022 net profit loss was significantly reduced to ($60,812), representing a significant improvement of 71.5% compared to the 2021 net profit loss ($213,504).
- Total assets decreased to $46,131 in 2022 compared to $220,680 in 2021.
- Total debt decreased by 54.0% to $96,732 in 2022 compared to $210,469 in 2021.
- Total capital has shifted to ($50,601) in 2022 compared to $10,211 in 2021.
Jake P. Noch, CEO of Music Licensing, Inc. said: A continuous effort to optimize our business and improve our financial position. “
Renewal of Business License Agreement:
As of December 31, 2022, Music Licensing, Inc. has business license agreements with 494 customers to non-exclusively license non-dramatic performances of copyrighted musical works. increase. These contracts resulted in claims totaling $543,218,511, which are not recorded in the financial statements. The Company recognizes revenue upon receipt of cash or payments from customers in accordance with its credit and collection practices.
Mr Noch added: We are excited about future growth opportunities and remain committed to driving long-term value for our shareholders. “
About Pro Music Rights (ProMusicRights.com)
Pro Music Rights is the fifth Public Performance Rights Organization (PRO) established in the United States. Its licensees include prominent companies such as TikTok, iHeart Media, Triller, Napster, 7Digital and Vevo. Pro Music Rights holds an estimated 7.4% market share in the United States, with A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trey Pound and Source Walker. , Trey the Truth, Sousaman, Soulja Boy, Rex Luger, Ludo Four, Throwbacks, Gunplay, OG Mako, Rich the Kid, Fat Trell, Young Scooter, Nipsey Hussle, Famous Dex, Boosey Badaz, Shy Grizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy and countless other artists, and artificial intelligence (AI) created the music.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are not forward-looking statements made pursuant to them. Intended to be covered by Harbor. Investors are cautioned that all forward-looking statements involve risks and uncertainties. This includes, but is not limited to, the ability of Music Licensing, Inc. and Pro Music Rights, Inc. to achieve their stated business plans. Music Licensing, Inc. and Pro Music Rights, Inc. assume that the assumptions underlying the forward-looking statements contained herein are reasonable and that any of the assumptions may be inaccurate and therefore make no statements regarding the future. There can be no assurance that these statements contain forward-looking statements. This press release attests to its accuracy. In light of the material uncertainties inherent in any forward-looking statements contained herein, the inclusion of such information is not warranted by Pro Music Rights, Inc., Music Licensing, Inc., or any other person. should not be considered a representation by
contact: Investor @ProMusicRights.com
sauce: Music Licensing Inc.
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