Bright Mountain Media, Inc Announces Second Quarter 2024 Financial Results

BOCA RATON, Fla. - Aug. 16, 2024 - PRLog -- Bright Mountain Media, Inc. (BMTM) ("Bright Mountain" or the "Company"), a global marketing service platform with capabilities in digital publishing, advertising technology, consumer insights, creative and media services , today announced its financial results for the second quarter and six months ended June 30, 2024.

Matt Drinkwater, CEO of Bright Mountain, expressed enthusiasm about the company's recent credit amendment. "We're pleased with a key amendment we entered into in the second quarter that enhances our financial flexibility by deferring certain payments owed to Centre Lane Partners, our lending partner. This adjustment will help bolster our growth initiatives.

We're also pleased with our ongoing financial performance, marked by the successful integration of Big Village and Deep Focus with our legacy Bright Mountain business, and significant cost-reduction efforts. Our current focus is on unlocking further synergies, launching innovative products and business lines, and advancing our vision of an AI-driven marketing services platform.

An excellent example of these synergies is the organic growth from our ad tech division, driven by the strategic use of data assets from our market research division. This approach opens up new and innovative opportunities to enhance return on advertising spend for our clients. We are optimistic about the potential for future synergies and continued success."

Revenue was $25.5 million, an increase of $11.3 million, or 80%, compared to $14.1 million for the same period of 2023. For the six months ended June 30, 2024, revenue includes $18.3 million which represents the impact of the Big Village Acquisition, which was completed in April 2023. This compares to $9.2 million for the same period in 2023. As a result, the acquisition contributed to revenue for three months of the prior period and for the full six months of the current period and is the main driver of the increase in revenue for the six months ended June 30, 2024.

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as "should," "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes," and similar words.

Read more: https://brightmountainmedia.com/