HOLLYWOOD, Aug. 29, 2014 (GLOBE NEWSWIRE) -- The Movie & Music Network (OTC:DIDG) reported a 112% increase in revenue for the six-month period ending June 30, 2014 over the same period ending in 2013, according to the quarterly report filed by the company.
The Hollywood, California-based online content provider has ramped up its offerings significantly this year, with a strong emphasis on cutting-edge, original content. Its new cannabis channel, MJ360.TV, for example, has already broken ground into live-streaming on its show, "Grass Roots."
Said CEO Martin Greenwald, "we are 100% committed to online as the entertainment delivery system of choice going forward. Larger and larger numbers of people are migrating to this model on a monthly basis, which is why, as we continue to expand our content, our subscriber base grows accordingly." The company has also slashed overhead. The report showed a 61% decrease in operating expenses for the six-month period ending June 30, 2014 over the same period ending in 2013.
The executive readily acknowledged the challenge of operating a small-cap company in this environment. "Our responsibility has always been growth toward profitability without putting undue pressure on the shares, and part of financing that growth involves a series of convertible notes, which are actually getting less expensive to secure. In addition, we have embarked on a concentrated effort to pay down the convertibles before they mature and lead to dilution. We will continue down that path when presented with those opportunities. On a day-to-day basis, this can manifest in stock price volatility, but the reality is, we believe this can be a much, much larger company in the near future. If you agree with us, then by all means, stay the course. But if you're just looking for a quick flip to pay the mortgage, DIDG is the wrong choice. Go to Vegas."
The Movie and Music Network has recently structured a series of long-term partnerships with content providers ranging from hip-hop to erotica.
"We will continue to increase our programming as aggressively as we can. We currently have over 5000 titles on our network." "Still," he noted, "the market feeds off short-term emotion. We traded ten million shares yesterday, a lot of it reacting to the release of the 10Q. We understand it, but I want to make it very clear that our thinking is not where the stock will be tomorrow, but rather, where the company will be tomorrow, and that is what builds shareholder value."
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Source: The Movie & Music Network