CMGR - InvestorNewsBreaks - Clubhouse Media Group Inc. (CMGR) Release Q3 2021 Financial Report
Clubhouse Media Group (OTC: CMGR), an influencer-based social media firm and digital talent management agency, has announced its financial numbers for third quarter 2021. A highlight of the report was a 90% increase in net revenue over Q2 2021; net revenue for Q3 totaled $1.8 million, an eightfold increase attributed to significant growth of brand and agency deals over the past year as well as CMGR’s recent partnership with the Reiman Agency. Other key numbers included operating expenses for the three-month period ending Sept. 30, 2021, reaching $3,382,248, up from $772,186 for the previous year. Noncash operating expenses for the period were $1,275,505, including stock-based compensation of $1,266,991, with other expenses reaching $2,321,057 compared to $29,974 for the same three-month period in 2020. “Clubhouse Media's momentum is continuing to build," said Clubhouse Media chief financial officers Dmitry Kaplun in the press release. “In the third quarter, net revenue nearly doubled compared to the previous quarter, as we continue to add new brands to our customer base. We signed many deals with new influencers during the quarter, as well. We remain focused on driving further topline growth while continuing to invest in the business. . . . Subsequent to the quarter's end, we closed a $15 million equity line. With the momentum that we've built and the necessary capital in place to execute our strategic plans, we're confident in the outlook for Clubhouse Media.”
To view the full press release, visit https://ibn.fm/UBUbo
About Clubhouse Media Group Inc.
Clubhouse Media represents the future of influencer media and marketing, with a global network of professionally run content houses, each with its own brand, influencer cohort and production capabilities. Clubhouse Media offers management, production and deal-making services to its handpicked influencers, a management division for individual influencer clients, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for companies in the social media influencer space. For more information about the company, visit www.ClubhouseMediaGroup.com
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