Bright Mountain Media, Inc Announces First Quarter 2024 Financial Results

First quarter revenue increased by $10.9 million to $12.4 million compared to $1.5 million for the first quarter of 2023. First quarter gross margin increased by $2.6 million to $3.1 million compared to $528,000 for the first quarter of 2023.
By: Bright Mountain Media
BOCA RATON, Fla. - May 15, 2024 - PRLog -- Bright Mountain Media, Inc. (BMTM)  a global holding company with current investments in digital publishing, advertising technology, consumer insights, and creative media services , today announced its financial results for the first quarter ended March 31, 2024 and 2023.

Financial Results for the Three Months Ended March 31, 2024

●   Revenue was $12.4 million, an increase of $10.9 million, or 731%, compared to $1.5 million for the same period of 2023, which was driven by the Big Village Acquisition, and was partially offset by macroeconomics factors, coupled with an overall reduction in spending by some customers due to inflationary concerns, which led to lower than normal rates and lower earnings specifically impacting our digital publishing division.

●   Advertising technology revenue was approximately $2.6 million and digital publishing revenue was approximately $434,000. The new offerings we acquired as part of the Big Village Acquisition were consumer insights, creative services, and media services. Consumer insights revenue was approximately $6.7 million, creative services revenue was approximately $2.1 million, and media services revenue was approximately $641,000 during the first quarter of 2024.

  Cost of revenue was $9.3 million, an increase of $8.3 million, or 860%, compared to $970,000 for the same period in 2023. The increase is a result of new costs associated with our new revenue offerings from the Big Village Acquisition, inclusive of direct salary and labor cost of approximately $1.9 million for employees that work directly on customer projects, and direct project costs of approximately $3.1 million for payments made to third-parties that are directly attributable to completion of projects to allow for revenue recognition, $2.1 million for non-direct project cost and legacy publisher cost of $1.8 million which increased by 270%. The increase in publisher cost is associated with the increase noted in advertising technology revenue of approximately 383%.

●   General and administrative expense was $5.2 million, an increase of 53%, compared to $3.4 million in the same period of 2023.

●   Gross margin was $3.1 million, an increase of 494%, compared to $528,000 in the same period of 2023.

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Forward-Looking Statements for Bright Mountain Media, Inc.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties.

Matthew Drinkwater, CEO
Source:Bright Mountain Media
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