Destiny Media Technologies Inc. (PNK:DSNY) Q1 2024 Earnings Call Transcript
Destiny Media Technologies Inc. (PNK:DSNY) Q1 2024 Earnings Call Transcript January 16, 2024
Destiny Media Technologies Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Rebecca Collins: Good afternoon, everyone. Thank you for joining us on today's webinar. Before we begin, I'd like to announce that we will be referring to today's earnings release, which was sent to the newswires earlier this afternoon. I'd also like to remind everyone that this conference call could contain forward-looking statements about Destiny Media Technologies within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current beliefs and expectations of management and are subject to risks and uncertainties which could cause the actual results to differ materially from those forward-looking statements. Such risks are fully discussed in the company's filings with SEC and SEDAR, and the company does not assume any obligation to update information contained on this call.
During the webinar, we will discuss certain non-GAAP financial measures. The non-GAAP financial measures are presented in the supplemental disclosures and should not be considered in isolation of, or as a substitute of, or superior to the financial information prepared in accordance with GAAP and should be read in conjunction with the company's financial statements filed with the SEC and SEDAR. The non-GAAP financial measures used in the company's presentation may differ from similarly titled measures presented by other companies. A reconciliation of the non-GAAP financial measures to the most comparable GAAP financial measures can be found in the earnings press release. Also, I would like to mention that following the presentation, there will be a questions-and-answers session, during which you can submit questions by selecting the raise hand icon at the bottom of your screen.
Your questions will be pulled in the order that they are received and at which point you will be prompted to unmute your microphone before speaking. With that, I would like to turn the call over to your host, Fred Vandenberg, Chief Executive Officer.
A person at home displaying a vibrant media streaming interface, being rendered on a large flatscreen television.
Fred Vandenberg: Thanks, Rebecca. Today, we have myself and Allan as usual on the call. I'm the CEO, and Allan heads up our Business Development Group. Today, we're going to talk about a little bit of an overview of what we do and what we're trying to do, then I will talk about our results of the quarter, and then I'll pass it over to Allan, who will talk a little bit more about our specific business development efforts. So an overview of Play MPE. Play MPE is in the business of connecting artists and content creators with promotional destinations. The value that we provide really is maximizing the chance that an artist or a song gains popularity through broadcast or media review. So we provide an engaged audience, and in connecting the two, the content owners and the audience, many cases, our customers don't know where to start.
They don't know who to contact, and so our distribution channels are critical. In other cases, we provide - our platform provides an engaged audience and the results of that improved our customers' marketing activities. I often talk about broadcast and radio because I think it's the easiest way to understand what we do. It's the easiest way for me to communicate what exactly we do. But it's really a variety of destination types that we - that help market a song. And so, we grow our revenue by sending more content to more people. So, it's really more customers, more songs, more recipients on the other side. And recently, so up until about the end of Q2 of fiscal 2022, so almost two years ago, we were really making huge investments in our global distribution platform, excuse me, to help Universal Music in their processes for international distribution.
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