VANCOUVER, Nov. 27, 2017 /CNW/ - Destiny Media Technologies
(TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based
SaaS solution for promotional music marketing, and Clipstream®, the
world's first script powered video platform, today announced a
change to its strategy.
Effective immediately, Clipstream® business and technical
development will be transitioned to maintenance and support
only. At this time, the company believes Clipstream® requires
a substantial investment to continue to develop as a technology and
as a business. Consequently, the company is reviewing
strategic alternatives to capture the value of Clipstream®, its
surrounding intellectual property and business, for its
shareholders.
The company will focus its resources on global expansion of Play
MPE®, a business that currently generates 99% of company revenues.
Continued growth of Play MPE® has been hindered since 2010 when the
company began diverting significant development resources to a
variety of technical projects independent of Play MPE®. The
company believes focused investment of resources on its SaaS based
business will lead to immediate gains in use and strategic
advantages over competition for Play MPE®.
"We have seen renewed enthusiasm from our team and our
customers. We are very encouraged by the recent improvements
in the Play MPE® system and how those improvements are being
received by our customers," said Fred
Vandenberg, Chief Executive Officer for Destiny Media
Technologies. "Focusing our resources and attention on our core
business will yield benefits immediately to our profitability and
longer term to our revenue growth. Play MPE® is well positioned to
continue to grow at a critical time when the music industry
globally is returning to growth."
PwC's 2017 Global Entertainment and Media Outlook predicts the
global music industry will grow from $17.2
billion in 2016 to $22.6
billion in 2021 driven primarily by increases in digital
subscription sales. This growth is driving increased
investment in promotion and distribution workflows by global music
labels as the role of radio and key influencers directly impacts
revenue generation from these growing services.
About Destiny Media Technologies, Inc.
Destiny Media Technologies ("Destiny") provides software as
service (SaaS) solutions to businesses in the music industry
solving critical problems in distribution and promotion. The core
service, Play MPE® (www.plaympe.com), provides promotional music
marketing to engaged networks of decision makers in radio, film,
TV, and beyond.
SOURCE Destiny Media Technologies, Inc.