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- Key to growth was an accelerated conversion rate achieved in the month of June, ending the quarter with over 31,500 Vocal+ subscribers.
- Company confirms guidance including consecutive revenue increases for the 2nd and 3rd quarters of $1 million and $1.6 - $1.8 million, respectively.
FORT LEE, N.J., June 30, 2021 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), a creator-first technology company, today announced a new business milestone of surpassing 30,000 Vocal+ subscribers. Vocal+ is the premium subscription offering of the Company's flagship product, Vocal. Vocal+ was introduced in early 2020, approximately three years following the Vocal platform launch. Together, Vocal counts over 1 million freemium and Vocal+ premium members in its vibrant creator community.
Commented Creatd CEO Jeremy Frommer, "We can confidently predict reporting $1 million in net revenues for second quarter 2021, representing a 3x increase as compared to the same period last year. Next quarter, our focus will be on delivering new features that will enhance our ability to continue acquiring and retaining creators and their audiences while reducing marketing costs, relying less on traditional paid media avenues and leveraging the organic traction of our network of creator communities—currently 39-strong. Coupled with that, our newly-released Vocal Ambassador Program is a powerful source of organic expansion for our platform and one that we anticipate will only continue to gain steam. Our creator-first strategy resonates throughout Creatd's business model and is expected to lead us to a projected $1.6 to $1.8 million in revenues in the third quarter. Meanwhile, we expect an approximate $1.5 million reduction in marketing costs. With that reduction, we anticipate approximately $3.3 million in operating expenses for the third quarter of 2021.
"Momentum begets momentum. As Vocal's creator base approaches a new critical mass, we are being proactive and responsive to the evolving needs of our creator community, who we recognize is seeking deeper and more frequent points of interaction within Creatd."
Creatd, Inc. comprises three main pillars:
Vocal Ventures, the technology development business housing the Vocal platform;
Creatd Partners, the Company's agency and corporate venture business, which recently announced its intended acquisition of the WHE Agency; and
Recreatd, the Company's intellectual property and original content production arm, focusing on partnering with creators to expand their content into other storytelling formats, such as books, comics, television series, and beyond.
Frommer continued, "Each pillar acts as an accelerator for its counterparts, working in tandem to fuel Creatd's self-sustaining ecosystem. With creators at the heart of our mission, Creatd can be best understood as a central engine with interlinking cogs that interact to elevate performance and drive success for its stakeholders across the board."
Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology company and the parent company of the Vocal platform. Our mission is to empower creators, entrepreneurs, and brands through technology and partnership. We accomplish this through Creatd's three main business pillars: Vocal Ventures, Creatd Partners and Recreatd.
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SOURCE Creatd, Inc.