After a Disastrous 2020, VNUE Swings Back Into Profitability

VNUE profitability
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VNUE profitability
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Photo Credit: Redd

VNUE has revealed it has swung back into profitability for the end of 2021, following a disastrous 2020.

Revenue for the year ending December 31, 2021, was $100,476 compared to just $22,474 in 2020. The company says its loss from operations in 2021 is $(984,839), compared to a loss of $(587,058) in 2020. VNUE reduced its derivative liability from $3,156,582 in 2020 to $-0- in 2021. Other income in 2021 was $3,905,221 in 2021, compared to expenses of $(3,966,719) in 2020. Net income for 2021 reached $2,920,382 compared to a net loss of $(4,553,777) in 2020.

VNUE also highlighted some key milestones the company achieved in 2021 to help it swing back into profitability. Those achievements include:

  • Reducing the total liabilities on the balance sheet from $8.4 million in 2020 down to $3.3 million in 2021.
  • Reduced convertible debt from $2.0 million in 2020 to $650,000 in 2021.
  • Negotiated and executed on a new line of credit on favorable terms enabling the company to eliminate its reliance on highly dilutive convertible notes.
  • As a result of additional financing on the credit line, VNUE was able to expand its R&D expenditure on the Soundstr technology.
  • Entered into an agreement with Stage It and closed the transaction February 2022.

“Despite the tremendous pressure on the music industry due to the onset of COVID-19, I’m pleased with the significant progress we made in 2021,” says VNUE CEO & Chairman Zach Bair. “We dramatically improved our balance sheet and reliance on convertible note financing, thus enabling us to consummate the acquisition of Stage It, and generate much-needed liquidity for the company.”

VNUE is a multi-faceted music technology company that is dedicated to monetizing the live music experience for artists, labels, writers, and publishers. It is working on music recognition technology in live venues.

The Soundstr music recognition technology can help protect the rights of artists and writers by identifying recorded music in venues and live music performances. It works by sampling live music through a trained machine learning engine, as the industry’s first live music performance identifying AI.

VNUE is working with an initial set of customers to train and refine the Soundstr MDM facilities, which include over 70 million fingerprint tracks, to support music use auditing, attribution across performing rights organizations, learning facilities for continuously improving ID results, and more.