$VNUE HITS THE RESET BUTTON ON STAGEIT.COM http
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Posted On: 03/09/2022 1:49:44 PM
$VNUE HITS THE RESET BUTTON ON STAGEIT.COM
https://www.prnewswire.com/news-releases/vnue...99342.html
NEW YORK, March 9, 2022 /PRNewswire/ -- Although the dust has still not even settled from the fresh acquisition of StageIt (stageit.com) by VNUE, Inc. (OTC: VNUE), the company is already making bold moves to ensure that the platform's artists come first, and that StageIt is able to achieve a positive EBITA in record time.
"The prior management of StageIt is no longer with the company," stated VNUE's CEO Zach Bair. "Lou Mann, as noted in our prior release, has been appointed CEO of the company, and is leading the day-to-day, along with strategic assistance directly from me as well as founder of StageIt Evan Lowenstein, who is joining VNUE's board of directors."
Mann is also EVP and a director for VNUE. He formerly served as GM and EVP of Capitol Records, and president of Media Properties for House of Blues.
"StageIt experienced exponential growth when the pandemic hit, and subsequently grew too fast. To handle that growth, it needed to be responsive to the various challenges the market was demanding," said Bair. "The company needed VNUE to step in with its experienced team of music business executives that had the knowledge and expertise to take StageIt to be the industry leader in online performances. Prior to and subsequent to the acquisition, VNUE has been working to pay off StageIt debt, and in fact has done so already to the tune of over $1mm. In addition to reducing the StageIt workforce by over 90%, which actually took place prior to completion of the acquisition, VNUE also paid off several large notes that were draining money from StageIt's coffers on a weekly basis. That money is now being put directly back into the hands of the artists who earn it, and will allow the company to quickly achieve positive EBITA."
Since December 1st, StageIt has generated approximately $600K in revenue (unaudited – prior to the completion of the acquisition and partially afterwards). VNUE expects this number to grow as more and more artists embrace this new paradigm, as well as when the company ties in other VNUE revenue generators such as Set.fm and DiscLive, and major label clients with whom there are existing relationships. StageIt's numbers post-acquisition will be included in VNUE's 10Q filing for Q1 of 2022.
StageIt is now being led by experienced music industry executives from all facets of the industry, including live music, major record label, promoting, and even artists – as Bair and Lowenstein both are artists, the latter of whom had a hit with his brother Jaron called "Crazy For This Girl" in 2000. Bair just released his latest single, "The Great Divide", February 25th. As such the team realizes the importance of placing artists first.
Lou Mann said "The StageIt platform is amazing. This technology offers the artists a way to monetize their performance, announce tour dates and try out new material. We have an "ARTIST FIRST" philosophy that will become evident in the upcoming months."
VNUE noted that December through February is the slowest time of the year for StageIt, and the company expects revenues to increase as we get into the spring and summer season. Based on the revenue noted above, the company expects approximately $3-4mm in revenue for the totality of 2022. The target minimum EBITA for the next 24 months is $1.5mm, as noted in the acquisition agreement.
Higlighting the importance of the acquisition, StageIt adds significantly to set.fm and DiscLive, VNUE's other revenue generating properties. By combining the services – for example, allowing artists to sell same audio as utilized during a StageIt stream using the set.fm platform, artist and company revenue can potentially be doubled. And, by extending this to the physical, collectible products offered by DiscLive, such as limited edition "instant" CDs as well as Vinyl, collectible laminates, T-shirts, and other custom items, the StageIt opportunity becomes much larger. In fact, VNUE plans to explore partnerships with brand partners in order to leverage the full potential of the various extended platform space, which will increase the revenue available to artists. Importantly, the company also expects to leverage its Soundstr platform in association with StageIt in turn helping mitigate PRO costs, since many times streams do not in fact have 100% music.
https://www.prnewswire.com/news-releases/vnue...99342.html
NEW YORK, March 9, 2022 /PRNewswire/ -- Although the dust has still not even settled from the fresh acquisition of StageIt (stageit.com) by VNUE, Inc. (OTC: VNUE), the company is already making bold moves to ensure that the platform's artists come first, and that StageIt is able to achieve a positive EBITA in record time.
"The prior management of StageIt is no longer with the company," stated VNUE's CEO Zach Bair. "Lou Mann, as noted in our prior release, has been appointed CEO of the company, and is leading the day-to-day, along with strategic assistance directly from me as well as founder of StageIt Evan Lowenstein, who is joining VNUE's board of directors."
Mann is also EVP and a director for VNUE. He formerly served as GM and EVP of Capitol Records, and president of Media Properties for House of Blues.
"StageIt experienced exponential growth when the pandemic hit, and subsequently grew too fast. To handle that growth, it needed to be responsive to the various challenges the market was demanding," said Bair. "The company needed VNUE to step in with its experienced team of music business executives that had the knowledge and expertise to take StageIt to be the industry leader in online performances. Prior to and subsequent to the acquisition, VNUE has been working to pay off StageIt debt, and in fact has done so already to the tune of over $1mm. In addition to reducing the StageIt workforce by over 90%, which actually took place prior to completion of the acquisition, VNUE also paid off several large notes that were draining money from StageIt's coffers on a weekly basis. That money is now being put directly back into the hands of the artists who earn it, and will allow the company to quickly achieve positive EBITA."
Since December 1st, StageIt has generated approximately $600K in revenue (unaudited – prior to the completion of the acquisition and partially afterwards). VNUE expects this number to grow as more and more artists embrace this new paradigm, as well as when the company ties in other VNUE revenue generators such as Set.fm and DiscLive, and major label clients with whom there are existing relationships. StageIt's numbers post-acquisition will be included in VNUE's 10Q filing for Q1 of 2022.
StageIt is now being led by experienced music industry executives from all facets of the industry, including live music, major record label, promoting, and even artists – as Bair and Lowenstein both are artists, the latter of whom had a hit with his brother Jaron called "Crazy For This Girl" in 2000. Bair just released his latest single, "The Great Divide", February 25th. As such the team realizes the importance of placing artists first.
Lou Mann said "The StageIt platform is amazing. This technology offers the artists a way to monetize their performance, announce tour dates and try out new material. We have an "ARTIST FIRST" philosophy that will become evident in the upcoming months."
VNUE noted that December through February is the slowest time of the year for StageIt, and the company expects revenues to increase as we get into the spring and summer season. Based on the revenue noted above, the company expects approximately $3-4mm in revenue for the totality of 2022. The target minimum EBITA for the next 24 months is $1.5mm, as noted in the acquisition agreement.
Higlighting the importance of the acquisition, StageIt adds significantly to set.fm and DiscLive, VNUE's other revenue generating properties. By combining the services – for example, allowing artists to sell same audio as utilized during a StageIt stream using the set.fm platform, artist and company revenue can potentially be doubled. And, by extending this to the physical, collectible products offered by DiscLive, such as limited edition "instant" CDs as well as Vinyl, collectible laminates, T-shirts, and other custom items, the StageIt opportunity becomes much larger. In fact, VNUE plans to explore partnerships with brand partners in order to leverage the full potential of the various extended platform space, which will increase the revenue available to artists. Importantly, the company also expects to leverage its Soundstr platform in association with StageIt in turn helping mitigate PRO costs, since many times streams do not in fact have 100% music.
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