TORONTO – The shift by the music and advertising industries towards digital media distribution had a positive impact on Yangaroo’s fourth quarter and 2011 financial results.
The Toronto-based digital media distribution company reported an 80% year-over-year jump in revenues to $1.45 million, but still recorded a net loss of $4.6 million for the year. EBITDA improved to ($3.52 million) from ($4.28 million) at the end of 2010.
Revenue for the fourth quarter ended December 31, 2011 was $455,756, 80% higher than the revenue for the same period in 2010 and 11% higher than the previous quarter.
Yangaroo explained the revenue increase as a result of greater use of digital media distribution system (DMDS) for music video delivery by the major and independent record labels in the US and Canada, as well as the use of DMDS for advertising delivery which began to ramp up in the third quarter of the year. Overall, there was strong growth in all divisions and in all territories with U.S. revenues up 257%, revenues from Canada growing by 18%, and new revenues for music audio delivery in Australia and the DMDS Awards business growing by 74%.
