Bright Mountain Media, Inc. reports developments as a marketing services and media holding company with businesses in digital publishing, advertising technology, consumer insights, creative services, and media services. Its news commonly covers financial results, revenue trends in advertising technology and media services, and the performance of its platform for brands, agencies, advertisers, and publishers.
Company updates also include partnerships and product initiatives tied to Big Village consumer insights, BrightStream programmatic supply-side technology, audience intelligence, AI-driven research tools, family-focused advertising solutions, and curated advertising inventory for premium publishers and privacy-focused campaigns.
Bright Mountain Media, Inc. (OTCQB: BMTM) has amended its credit agreement with Centre Lane Partners, resulting in the deferral of certain 2024 payments. Key changes include: extending the Nineteenth Amendment Term Loan maturity to December 31, 2024; adjusting repayment terms; and modifying Last Out Loans amortization. The amendment provides additional financial flexibility for the company's growth plans.
Additionally, Bright Mountain announced the retirement of W. Kip Speyer as Chairman of the Board and the resignation of director Harry Schulman. CEO Matt Drinkwater expressed gratitude for their contributions and optimism about the company's continued partnership with Centre Lane Partners.
Bright Mountain Media (BMTM) announced its financial results for Q1 2024, highlighting a significant revenue increase to $12.4 million, up from $1.5 million in Q1 2023. The gross margin also rose to $3.1 million from $528,000 in the previous year. This growth is attributed to the Big Village Acquisition.
Advertising technology revenue reached approximately $2.6 million, with digital publishing revenue at $434,000. Consumer insights, creative services, and media services, new offerings from the Big Village Acquisition, generated revenues of $6.7 million, $2.1 million, and $641,000 respectively.
However, the cost of revenue surged to $9.3 million due to new costs from the acquisition. General and administrative expenses increased to $5.2 million. Despite the revenue growth, the net loss widened to $4.8 million from $3.8 million in Q1 2023, although the adjusted EBITDA loss improved to $1.2 million from $2.1 million.
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