RE: Todays Guardian Article7 Sep 2020 11:16
An extract from the Guardian article, quoting AM, it’s the first time I have noted publicly the company is concerned about profitability, great news for investors, it means the company will be looking at the SP as Debt cost will be linked!! Great news! GLA
“When we launched, no one had really seen immersive or VR content and no one knew what it was worth,” says Matchett. “We didn’t want to overprice or underprice. Now we are in a place we feel confident about launching a monthly fee.”
While swallowing Napster has transformed the scale of its business, the Soho-based company has some way to go to reach profitability. Last year it made a loss of £16m and revenues plunged to £200,000, while Napster’s thin margins meant the streaming firm made just $1.8m in profits.
“[Profitability] is not something we are worried about,” says Matchett. “For a company like us, growth and investment is key, which is why we are buying Napster.”