Bright Mountain Media, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $56.7 million, a 27% rise from $44.5 million in 2023. The company’s net loss narrowed to $17.0 million from $35.6 million in the previous year, reflecting improved operational efficiency and a reduction in impairment charges. The gross margin also increased to $16.5 million, up from $12.8 million, indicating a consistent gross margin percentage of 29% for both years. The company attributed this financial performance to the successful integration of the Big Village acquisition, which contributed approximately $36.5 million in revenue.
In terms of operational changes, Bright Mountain Media made strategic adjustments, including the termination of operations for several subsidiaries, such as Wild Sky Media Co. Ltd. in Thailand and Slutzky & Winshman Ltd. in Israel. The company also restructured its workforce, reducing its employee count from 190 to 119, which contributed to a decrease in general and administrative expenses by 5% to $21.4 million. The company’s focus on digital publishing, advertising technology, and consumer insights has allowed it to maintain a competitive edge in the evolving digital advertising landscape.
The company’s customer base remains concentrated, with one customer accounting for 12.2% of total revenue in 2024, down from two customers representing 23% in 2023. This shift highlights the company's efforts to diversify its revenue streams. Additionally, Bright Mountain Media's advertising technology division saw a remarkable 95% increase in revenue, driven by enhanced relationships with advertisers and publishers, which has positioned the company favorably in the market.
Looking ahead, Bright Mountain Media faces challenges related to its substantial debt, totaling $78.8 million as of December 31, 2024, primarily owed to Centre Lane Partners. The company is exploring various strategic alternatives, including restructuring its debt and seeking additional financing. The management has expressed concerns regarding its ability to continue as a going concern, given its working capital deficit of approximately $13.5 million. The company plans to implement measures to improve liquidity, including potential reductions in operational expenses and headcount, while continuing to adapt to the changing dynamics of the digital advertising industry.
About Bright Mountain Media, Inc.
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