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BBTV Provides Update Following Cost Optimization Review and Workforce Reduction
Monday, June 20, 2022Company Profile | Follow Company
BBTV Holdings Inc. provides a corporate update following the launch of a comprehensive cost optimization initiative.
Vancouver, BC, June 20, 2022--(T-Net)--BBTV Holdings Inc. (TSX: BBTV, OTCQX: BBTVF), the leading creator monetization company with a mission to help creators become more successful, provides a corporate update following the launch of a comprehensive cost optimization initiative.
The Company said in a releaase that it's cost optimization plan has resulted in a workforce reduction and a more focused resource allocation towards its key high margin revenue drivers, specifically across Plus Solutions including Content Management, Direct Advertising Sales and Mobile Gaming Apps.
Shahrzad Rafati, Chair and CEO, BBTV
"This review has been focused on ensuring that our core businesses deliver the best results," commented Shahrzad Rafati, Chairperson and CEO, BBTV. "We have had to make some hard choices, but this is the right moment to focus on the lines of business that create the greatest value for our customers, shareholders, and ecosystem partners."
The cost optimizations reflect a reduction of total headcount by approximately 14%. Shareholders can expect to see the positive impact of these initiatives on performance starting from Q3 2022 onwards.
Ben Groot, CFO of BBTV commented: "The cost optimizations we've effected have been designed in such a way as to not materially impact the Company's growth plans. The Company continues to focus on generating higher margin revenues which expedites BBTV's path to profitability and positive cash flow."
The Company says it will continue to review the performance of its operations for opportunities to operate more efficiently and further close the gap to profitability and provide shareholders with material updates thereto.
About BBTV
BBTV is a global media and technology company headquartered in Vancouver, Canada. The Company's mission is to help content creators become more successful. With creators ranging from individuals to global media brands, BBTV provides comprehensive, end-to-end Solutions to increase viewership and drive revenue powered by its innovative technology, while allowing creators to focus on their core competency - content creation. In January 2022, BBTV had the fourth most unique monthly viewers among digital platforms with more than 600 million globally, who consumed more than 35 billion minutes of video content [1]. (www.bbtv.com )
[1] Calculations and classifications made by BBTV based on data from Comscore's "Top 12 Countries = January 2022 comScore Video Metrix Media Trend - Multi-Platform - Top 100 Video Properties Report"; Top 12 countries represent ~50% of world's digital population.
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