LOS ANGELES, CA--(Marketwired - May 16, 2013) - Studio One Media, Inc., ("Company") (
Revenue for the quarter totaled $179,578, compared with $88,400 (+103%) for the same period last year and represents the highest quarterly cash revenues since the Company's inception. An operating loss of $548,268 was recorded in the first quarter of 2013, which represented a reduction of approximately 50% when compared with an operating loss of $1,104,514 in the first quarter of 2012. Operating costs declined approximately 40% and the Company reported in a $0.02 net loss per share, compared with a $0.04 per share net loss in the prior-year period.
MYSTUDIO® HD RECORDING STUDIOS
The revenue increase was generated primarily by the Company's new MyStudio® Mobile Recording Studio, which was completed in January of this year. The state-of-the-art 27' mobile HD audio and video recording studio can be viewed at www.MyStudio.net. The new mobile MyStudio is currently branded for the "Coors Light, Search For The Coldest" campaign for a three-month promotional tour ending July 7, 2013. The Company expects the mobile studio to continue to be the revenue leader for its studio operations in the short-term.
The Company is continuing its efforts to bring its MyStudio recording studios to prime time television through its exclusive co-development agreement with one of North America's largest Television and Film production companies. If successful, the Company believes that a MyStudio based TV series will substantially increase revenues for its studio operations and lead the way for expansion into new markets both domestic and international.
AFTERMASTER HD AUDIO
The Company also expects significant near-term revenue growth from its audio technology subsidiary, AfterMaster HD Audio Labs, Inc. ("AfterMaster"), which developed its award-winning AfterMaster and ProMasterHD audio technologies. AfterMaster recently entered into a multi-year agreement to master and re-master hundreds of thousands of songs per month using its ProMasterHD technology for one of the world's largest independent music websites. ProMaster was recently launched nationally through Guitar Center stores, the world's largest retailer of musical instruments and related products. More information on AfterMaster can be found at www.AfterMasterHD.com.
ABOUT STUDIO ONE MEDIA, INC.
Studio One Media, Inc. ("Studio One") is a diversified media and technology company with offices in Scottsdale, Arizona and Hollywood, California. Studio One is engaged in the research and development of award winning, proprietary (patents issued and pending), leading-edge audio and video technologies for professional and consumer use. Studio One subsidiaries and divisions include MyStudio, Inc., AfterMaster HD Audio Labs, Inc. and MyStudio Music. Studio One has entered into licensing agreements with Sony/ATV Music Publishing, Universal Music Publishing Group, EMI Music Publishing, BMG Chrysalis and strategic relationships with industry leaders such as Mark Burnett Productions, Guitar Center, Back Stage Casting and Simon Cowell's "The X Factor". For more information go to www.StudioOneMedia.com.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of management of Studio One Media, Inc. and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statement herein. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from the statements made herein are: (1) changes in economic, business, competitive, technological and/or regulatory factors, (2) failure to receive stockholder approval of certain actions, if required, (3) failure to compete in a rapidly changing marketplace, (4) failure to retain key employees, (5) failure to raise adequate capital to support the growth and operations of the Company, and (6) other factors affecting the operation of the business of Studio One. More detailed information about these and other factors that may affect current expectations may be found in filings by Studio One as applicable, with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Any forward looking statement contained in this press release by Studio One speaks only as of the date on which it is made. Studio One is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.