Vnue is the umbrella company for several digital music services: live recordings services set·fm and DiscLive; B2B music ID tool Soundstr; and (as of July last year) livestreaming startup Stageit.
The parent company’s latest financials show how the business is growing, with its revenues increasing from $6.5k in the first half of 2021 to $134.7k in the first half of 2022. However, Vnue’s adjusted operating losses swelled from $328.4k to $867.1k over the same period (adjusted because a stock issuance charge of $15.3m meant that the overall operating loss was $16.5m in the first half of this year).
“Although it may be difficult to ascertain in looking at our financial statements, we have made tremendous progress in reducing the historic operating losses at Stageit prior to our acquisition, and positioning it for future success by significantly reducing the overhead and streamlining operations,” said CEO Zach Bair.
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