Jerrick Media Holdings Inc (OTCQB:JMDA, OTCMKTS:JMDA) reported its fiscal 2017 earnings on Thursday after the closing bell.
The company gave positive guidance in its yearly outlook, expecting a sharp rise in monthly visitors to its publishing platform and a significant increase in gross margins in the second quarter.
The company plans to continue developing the technology behind its platform Vocal and the subscription-based revenue streaming that flows from it.
Vocal is a long-form publishing platform that uses a proprietary algorithm to track views and monetize stories based on that data. Content creators can receive money directly from readers through its “Gifting” feature.
The site received 6 million monthly visitors in the first quarter of 2018 compared with 500,000 in the previous year’s first quarter. By the third quarter of 2019, the company expects 17 million visitors to the site every month.
Vocal receives over 300 content submission daily and expects that number to double within the year. There are currently around 200,000 content creators on the platform.
"We have set ambitious but realistic goals for the upcoming twelve months. Vocal's 2018 roadmap ensures a balanced approach to achieving our primary goals: technology development, creator and audience growth and revenue generation," said co-founder Justin Maury. The company also has future plans to uplist to the Nasdaq.
In the year ahead, the company plans to work on machine learning curation, mobile apps, expanding its transactional features, enhancing monetization and other features.
The digital media company reported a loss of US$0.23 per share on revenue of US$95,653 compared with a loss of US$0.23 per share on revenue of US$223,927 in fiscal year 2016.
The majority of revenue stemmed from sales and monetization of legacy media assets and intellectual property.
Shares of the New Jersey-based company were fell 23% to close at US$0.24 Thursday.