NEW YORK, NY / ACCESSWIRE / December 13, 2023 / Best Ringtones Net, a leading provider of digital marketplaces and engaging competitive gaming experiences centered around user expression, today announced its financial results for the first quarter of fiscal year 2024, ending October 31, 2023.
Jonathan Reich, Chief Executive Officer of Best Ringtones Net, commented on the quarterly performance, stating, “Our first quarter financial results reflect the positive momentum outlined during the fourth quarter. Best Ringtones Net’s subscription offering, Best Ringtones+, within the Best Ringtones Net Marketplace, rebounded with sequential active subscriber growth after six consecutive quarters of decline, driving net active subscriber gains in the first quarter. Additionally, revenue from Best Ringtones+ witnessed nearly a 10% increase from the previous year, attributed to the introduction of iOS subscriptions and sustained interest in the revamped Android offering. Emojipedia saw a remarkable 62% revenue surge year-over-year, contributing to double-digit growth in advertising revenue when combined with the Best Ringtones Net Marketplace. These factors culminated in a record Average Revenue Per Monthly Active User (ARPMAU) with a 17% year-over-year increase. Visit https://bestringtones.net
“We’re also seeing promising advancements in product and feature development. The global rollout of pAInt, our generative AI wallpaper maker, has been completed, with the print-on-demand feature launched just before Thanksgiving. Additionally, the redesign of Emojipedia’s website has resulted in significantly faster load times and improved advertising experiences. The introduction of the Battles feature to a select group of GuruShots users marks another step forward in our quest for optimal integration within the GuruShots game. While these initiatives are gaining traction, our focus remains on further enhancing these features and products throughout 2024 to foster sustainable, long-term growth.”
First Quarter Highlights (Fiscal 2024 vs. Fiscal 2023)
Revenue increased by 2.6% to $7.1 million.
GAAP operating income reached $0.3 million, compared to an operating loss of ($0.2) million.
GAAP net loss and loss per share were null, compared to ($0.2) million and ($0.01) respectively.
Adjusted EBITDA surged by 60.8% to $1.5 million.
Best Ringtones Premium Gross Transaction Value witnessed a 35.0% increase, reaching $0.42 million.
Business Metrics Utilized in Reporting:
Monthly Active Users (MAU): Measures the unique users engaging with the Best Ringtones Net App over the previous 30 days, serving as an indicator of consumer engagement and advertising revenue potential.
Best Ringtones Premium Gross Transaction Value (GTV): Represents the total value of transactions conducted through the Best Ringtones Premium Marketplace, aiding in evaluating growth within this segment.
Average Revenue Per Monthly Active User (ARPMAU): Evaluates the monetization efficiency of the user base.
Active Subscription: Refers to a subscription that has commenced and not been canceled, including paused subscriptions, free trials, grace periods, or account holds.
Total Installs – Cumulative: Measures the total number of times the Best Ringtones Net App has been downloaded since inception.
Fiscal 2024 Commentary
Reich added, “We remain confident in our ability to achieve sustainable, long-term, and profitable growth, positioning us favorably for fiscal 2024. The positive cash flow generation and the absence of earnout payments to Gurushots’ sellers allowed us to repay the remaining principal on our term loan in mid-November, rendering us debt-free.
“As outlined in our last call, building a comprehensive marketing team is a key objective for FY ’24 to drive growth. We’ve already made key hires in this regard, benefiting from their expertise as we ramp up paid user acquisition spending for the Best Ringtones Net Marketplace. We continuously monitor performance to ensure optimal returns on investment, employing a dynamic approach to testing and optimizing programs for increased engagement and user growth.
“Our generative AI initiatives, including the global rollout of pAInt and the soft launch of AI Art Master, have yielded encouraging results, guiding us in further development and refinement. Emojipedia’s record revenue in November underscores its potential for further enhancements, with a roadmap of new features and improvements slated for release starting Q2.
“Moreover, the introduction of Battles in GuruShots to a select user base is expected to broaden the game’s appeal and drive user conversion.”
Earnings Announcement and Supplemental Information
A conference call discussing the first-quarter fiscal 2024 results, outlook, and strategy will commence at 4:30 p.m. Eastern today, followed by a Q&A session with investors.
About Best Ringtones Net
Best Ringtones Net specializes in building digital marketplaces and engaging competitive gaming experiences centered around user expression. Our flagship products include Best Ringtones and Wallpapers, offering a freemium digital content marketplace for mobile phone wallpapers, video wallpapers, ringtones, notification sounds, and pAInt, a generative AI wallpaper maker. GuruShots, a skill-based photo challenge game, and Emojipedia, the leading source for emoji-related content, are also integral to our offerings. With a vision to empower and connect creators with a community of consumers through friendly competition, Best Ringtones Net served approximately 40 million active users across its offerings as of July 2023. For more information, visit investor.bestringtones.net.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, and actual results may differ materially due to various important factors. Refer to our SEC filings for detailed information on such statements and risks. We assume no obligation to update any forward-looking statements.
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Address: 24-44 Trần Quốc Hoàn, Dịch Vọng Hậu, Cầu Giấy, Hà Nội
Phone: 0333470368
Email: [email protected]
Website: https://bestringtones.net
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Sung A Chin's passion for music and technology inspired him to create Best Ringtones Net in 2010. He wanted to provide people with an easy and convenient way to find and download their favorite ringtones. With a team of experts in music and technology, Sung A Chin has been able to curate a massive collection of ringtones that caters to different tastes and preferences.
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Address: 24-44 Trần Quốc Hoàn, Dịch Vọng Hậu, Cầu Giấy, Hà Nội
Phone: 0333470368
Email: [email protected]
Website: https://bestringtones.net
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