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2024 is Poised for Profitability with Newly Implemented Strategies and Structures
SINGAPORE, May 13, 2024 /PRNewswire/ --
Dear Shareholders:
As the new CEO, I am honored to lead this successful company into an even brighter future. Building upon our rich legacy, I am committed to fostering innovation, driving sustainable growth, and nurturing a culture of excellence. Together, we will embrace change, seize opportunities, and exceed expectations as we embark on this journey toward continued success and prosperity.
As of the fiscal year 2023, Marvion Inc. (OTC: MVNC) grew its revenue to $14,454,869, marking a growth of 25% compared to fiscal year 2022. During the same period, our gross profit soared by 107%, increasing from $2,787,661 in fiscal year 2022 to $5,785,760 in fiscal year 2023.
Throughout 2023, the company continued flourishing within the entertainment industry by selling intellectual property rights on collections of movie works through our Digital Ownership Token (DOT) platform. This initiative provides a secure resale of intellectual property usage rights, leveraging blockchain technology for various utilizations of movie content, including adaptations into other media forms such as comics and TV series.
Despite the unstable global economic conditions in 2023, Marvion's media DOT business has maintained stable market growth. This success demonstrates that our DOT security and resale mechanisms can facilitate new market opportunities for the media sector, creating additional products and enhancing the market value of media works.
Moving Forward
Moving forward, at the start of 2024, Marvion initiated internal structural changes aimed at optimizing our cost structure and reducing future operating costs. These changes will enable us to work more efficiently and improve the company's profitability in the coming years.
While the entertainment industry DOT business has sustained us through the past two fiscal years, Marvion continues to explore ways to incorporate our DOT technology into other appropriate use cases in 2024. Some areas we have identified include the use of DOT for Halal certification (Halal certification applies to the food, cosmetic and pharmaceutical sectors and attests that a product is manufactured in full compliance with the precepts of Islamic Law, that it does not include any "forbidden" components, and has in no way been in contact with any substances or objects considered "impure".)
According to research from Statista, there are approximately 1.6 billion Muslims worldwide. The global Halal market is worth more than two trillion U.S. dollars and is projected to grow to 2.8 trillion U.S. dollars over the next few years. The scope of Halal certification extends across a wide variety of industries, including the financial sector, food and beverage market, cosmetics, medication, travel, media, and recreation—all sectors that DOT can actively serve.
These new opportunities clearly demonstrate Marvion's commitment to moving beyond the hype of Web 3.0 to find a sustainable business model for the company as well as our shareholders. In addition to Halal, we will be exploring more other business application opportunities for the DOT technology usage.
With these newly implemented market strategies, we believe we will bring Marvion into profitability by the end of 2024 and beyond. The media markets continue to respond well to our DOT technology and our next generation of authentication standards. We will continue to expand our reach to bring our DOT technology and platform into more traditional media markets based on the latest blockchain technologies to help create more market opportunities.
Sincerely,
Chan Man Chung
Director and Chief Executive Officer
Marvion Inc. (OTC: MVNC)
https://www.marvion.media
https://www.statista.com/topics/4428/global-halal-market/#topicOverview
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