Clubhouse Media Group, Inc. (OTCMKTS: CMGR) (“Clubhouse Media”), an influencer-based social media firm and digital talent management agency, has announced financial results for the second quarter of 2022.
- Total net revenue increased 104% to $1,900,932, compared to $929,962
- Operating expenses decreased 79% to $1,040,549, compared to $5,030,964
- Operating loss decreased 90% to $492,977, compared to $4,966,105
- Net loss decreased 32% to $4,926,112, compared to $7,310,343
“We are pleased with our second quarter results that continue to demonstrate our commitment to growing our business in a sustainable way, while reducing our expenses dramatically,” said Amir Ben-Yohanan, CEO of Clubhouse Media. “The revenue growth was driven mainly by both the higher quantity and quality of brand and agency deals with creators, as well as the growth of our Honeydrip platform. We expect that the further expansion of our sales team will be a key driver of revenue growth in future quarters.”
“I’m excited about the revenue growth this quarter. We were able to close numerous brand promotional deals with some large and well-known brands and talent. As we continue to build on and strengthen these relationships, I’m confident in the growth opportunities moving forward,” added Scott Hoey, Chief Financial Officer of Clubhouse Media.
