From GlobeNewswire: 2024-04-30 22:00:00

VS Media Holdings Limited reported full-year revenue of $7.99 million, with campaign-based marketing services revenue growing 12.7% yoy to $4.40 million. Revenue from campaign-based marketing services in Hong Kong grew by 105.7% to $2.16 million. The company expects a 20% revenue increase in FY24. They also announced a share repurchase program for up to 500,000 Class A Ordinary Shares.

In a challenging year impacted by market sentiment and client spending, VS Media CEO Ivy Wong remains optimistic about future growth. With a focus on cross-regional brand partnerships, AI-enabled digital content, and recovery in social commerce, the company anticipates a rebound in 2024. Revenue for 2023 was $7.99 million, with a net loss of $6.59 million attributed to listing-related expenses.

VS Media’s gross profit for 2023 was $1.64 million, a decrease from the prior year due to market conditions. The company is positioned for recovery in 2024 with a 20% revenue growth target. Additionally, VS Media announced a share repurchase program for 500,000 Class A Ordinary Shares.

Expanding its presence in Asia Pacific, VS Media made strategic investments in venture studio MeeshQ and partnerships with global entertainment companies. The company entered into a collaboration with The Pinkfong Company and King Parrot Group to launch the VS Lounge in Hong Kong, showcasing a successful blend of online and offline events. VS Media is focused on leveraging its digital marketing expertise and influencer engagement to support businesses in Macau.

VS Media, with over 1,500 creators and 1,000 brands in its network, offers content-driven social commerce and marketing services. The Company’s international growth strategy includes markets in Hong Kong, China, Taiwan, and Singapore. Forward-looking statements emphasize the Company’s commitment to driving growth, expanding reach, and creating new revenue opportunities through partnerships and innovative technologies.



Read more at GlobeNewswire:: VS MEDIA Announces Fiscal Year 2023 Financial Results