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Crowd Mobile Limited (ASX:CM8) who is the specialist in the global mobile entertainment and digital media experienced a huge jump in the revenue through its division Crown Media. The company expects that the first half year of FY2019 will generate revenues of $1.25 million from its recently launched media division which is equivalent to an increase in revenue by 250% on the whole FY18 media division. This revenue will be around $40 million across the entire business of the company.
Domenic Carosa who the chief executive officer of CM8 has given the credit to its media division. Crowd Agency division is a digital influencer marketing agency which is associated with the Fortune 500-focused agencies.
In a very short span of time, this division is recognized by its major brands like Nescafe, Nestle, LâOréal, European neo banks bunq and N26. Another big announcement from the company was that it has now become the $12.1 billion owner of social media platform snapchat in the last month.
Mr. Carosa told its investors that there was a little headwind in the FY2018, however now he is hopeful about the upcoming opportunities ahead. He is also delighted about its Crown media division who are delivering towards the growth of the company and is also strengthening the belief of the company by generating profit through social media marketing.
At present, this 18 months-built company is currently working with blue-chip companies which seems to be very positive. During this period, the company was able to develop a close working relationship with a number of companies within Fortune 100. This forms a proof in itself in regard to the quality of products of the company.
On the other hand, the top customers of the Crown mobile have slid violently. In this regard, the CEO Mr. Carosa states that the company will now be paying more attention to bring efficiencies across the business.
In the earlier months, the company has launched a share purchase plan and was able to generate $700,000. Apart from that, the directors were committed to applying for maximum privileges.
These funds which were raised will be used to meet the working capital requirements, pay the debts and also strengthen the balance sheet. Another $2 million have been identified as a cost saving to the company which will be realized as FY2019 progresses.
Mr. Carosa was very honest in updating his investors about the subscription and Q&A parts of the business under its mobile division. He has already prepared himself for the upcoming challenges. He also highlights the growth which is coming to the Q&A division. Also, this subscription division is also generating stable revenues and profits.
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