Bright Mountain Media, a leading global marketing service platform known for its digital publishing, advertising technology, and comprehensive media services, today announced its financial performance for the second quarter and the first half of 2024, ending on June 30.
CEO Matt Drinkwater shared, “We’re pleased with a key amendment we entered into in the second quarter that enhances our financial flexibility by deferring certain payments owed to Centre Lane Partners, our lending partner. This adjustment will help bolster our growth initiatives. We’re also pleased with our ongoing financial performance, marked by the successful integration of Big Village and Deep Focus with our legacy Bright Mountain business, and significant cost-reduction efforts. Our current focus is on unlocking further synergies, launching innovative products and business lines, and advancing our vision of an AI-driven marketing services platform.
Drinkwater highlighted the integration’s benefits, particularly in the ad tech division, stating, “An excellent example of these synergies is the organic growth from our ad tech division, driven by the strategic use of data assets from our market research division. This approach opens up new and innovative opportunities to enhance return on advertising spend for our clients. We are optimistic about the potential for future synergies and continued success.”
In the second quarter of 2024, Bright Mountain reported revenue of \$13.0 million, marking a 3% increase from the \$12.6 million posted in the same period of 2023. This rise was primarily driven by the company’s advertising technology division, which successfully attracted top advertisers and onboarded premium publishers, leading to higher volumes, rates, and revenues. However, this increase was partially offset by a decline in digital publishing revenue due to macroeconomic impacts and decreased customer spending linked to inflationary pressures.
The cost of revenue climbed by 14% to $9.6 million from $8.4 million in 2023, mainly due to increased publisher costs associated with higher revenues in the advertising technology sector. Meanwhile, general and administrative expenses saw a significant reduction, decreasing by 35% to $5.3 million, compared to $8.1 million in the prior year.
For the six months ended June 30, 2024, Bright Mountain’s revenue surged by 80% to $25.5 million, up from $14.1 million in the same period of 2023. This substantial increase included $18.3 million from the Big Village Acquisition, completed in April 2023. The acquisition has been a pivotal growth driver, contributing to revenue for the entire first half of 2024 compared to just three months in the previous year.
Despite these gains, the company reported a net loss of $10.0 million, slightly up from $9.9 million in 2023, with an Adjusted EBITDA loss of $2.0 million, an improvement from a loss of $3.9 million in the previous year.
For small business owners and solopreneurs, the evolving strategies and outcomes of Bright Mountain’s diverse portfolio offer valuable insights into navigating challenges and harnessing synergies in advertising and technology sectors. Bright Mountain continues to position itself as a comprehensive provider of marketing and media solutions, powered by advanced data analytics and innovative product offerings. For more information about the company and its subsidiaries, including Big Village, Deep Focus, Wild Sky Media, and BrightStream, visit www.brightmountainmedia.com.
