Naples, Florida , March 31, 2023 (GLOBE NEWSWIRE) -- Music Licensing, Inc. (OTC: SONG), a leading provider of music licensing services, today announced its financial results for the fiscal year ended December 31, 2022.
Fiscal Year 2022 Financial Highlights:
- Total revenues increased to $41,596, representing a remarkable 106.7% growth compared to $20,101 in 2021.
- Net income loss significantly reduced to ($60,812) in 2022, a notable improvement of 71.5% compared to a net income loss of ($213,504) in 2021.
- Total assets decreased to $46,131 in 2022 compared to $220,680 in 2021.
- Total liabilities were reduced by 54.0%, standing at $96,732 in 2022 compared to $210,469 in 2021.
- Total equity shifted to ($50,601) in 2022 compared to $10,211 in 2021.
"Our strong performance in 2022 reflects our commitment to delivering exceptional music licensing services to our customers," said Jake P. Noch, CEO of Music Licensing, Inc. "The significant growth in our revenues and the substantial reduction in net income loss demonstrate our ongoing efforts to optimize our operations and enhance our financial position."
Business License Agreements Update:
As of December 31, 2022, Music Licensing, Inc. has signed Business License Agreements with 494 customers to license, on a non-exclusive basis, non-dramatic public performances of their copyrighted musical compositions. These agreements have generated a total invoiced amount of $543,218,511, which was not recorded in the financial statements. The company will recognize the revenues upon receipt of cash or settlement from its customers, following its credit and collection practices.
"We are confident in the legal enforceability of our contracts with customers and will continue to focus on expanding our customer base and improving our collection practices," added Mr. Noch. "We are excited about the growth opportunities ahead and remain committed to driving long-term value for our shareholders."
About Pro Music Rights, Inc. (ProMusicRights.com)
Pro Music Rights is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others, as well as Artificial Intelligence (A.I.) Created Music.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.
SOURCE: Music Licensing, Inc.