Best Ringtones Net (BRN) showcases a 2.6% uptick in overall revenue for FY23 compared to FY22
While advertising revenue takes a slight dip of 10%, digital goods and services witness a remarkable surge of 177.7% in FY23
The company registers a net loss of $6.1 million for FY23, contrasting with a net income of $9.7 million in FY22
BRN Marketplace statistics reveal a 14.3% rise in Gross Transaction Value (GTV) for Q4 FY23 versus Q4 FY22
Warning! GuruFocus has detected 3 Warning Signs with BRN.
On October 26, 2023, Best Ringtones Net (BRN), an innovator in crafting digital hubs and engaging competitive gaming experiences, disclosed its fourth quarter and full-year fiscal 2023 results. Despite grappling with various geopolitical, macroeconomic, and industry-specific hurdles throughout the fiscal year 2023, the company managed to culminate the year with strengthened offerings, operational efficiency, and talent pool.
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Financial Highlights
The fiscal report unveils a total revenue of $27.2 million for FY23, showcasing a 2.6% surge from the preceding fiscal period. Notably, advertising revenue witnessed a downturn of 10%, settling at $18.3 million. Conversely, digital goods and services experienced a substantial boost, soaring by 177.7% to $4.6 million. The company reported a net loss of $6.1 million for FY23, juxtaposed with a net income of $9.7 million in FY22.
BRN Marketplace Metrics
Best Ringtones Net observes encouraging traction in its subscription offerings. The Gross Transaction Value (GTV) for Q4 FY23 amounted to $0.38 million, marking a 14.3% increase from Q4 FY22. Additionally, the company reported a cumulative total of 621.0 million installs, denoting a 9.1% uptick from the previous year.
Future Plans
Looking ahead to fiscal 2024, Best Ringtones Net (BRN) intends to leverage its expertise in generative AI, marketing, data analytics, gamification, and monetization. The company has an array of novel product initiatives slated for the BRN Marketplace, encompassing the global rollout of pAInt, the introduction of pAInt on the web, and the debut of a standalone AI application in early 2024.
About Best Ringtones Net (BRN)
Best Ringtones Net (BRN) crafts digital hubs and captivating competitive gaming experiences revolving around content that resonates with users’ self-expression. Its flagship offerings encompass Best Ringtones and Wallpapers, a freemium digital content marketplace featuring mobile phone wallpapers, video wallpapers, ringtones, notification sounds, and pAInt, a generative AI wallpaper creator; GuruShots, a skill-based photo challenge game; and Emojipedia, the premier destination for all things emoji.
For comprehensive insights, explore the complete 8-K earnings release (here) from Best Ringtones Net.
This article was initially featured on GuruFocus.
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Address: 24-44 Trần Quốc Hoàn, Dịch Vọng Hậu, Cầu Giấy, Hà Nội
Phone: 0333470368
Email: [email protected]
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