Sanwire (OTC: SNWR), an entertainment technology innovator, and its wholly owned subsidiary Intercept Music are reporting third-quarter 2022 financial results along with key corporate updates. According to the announcement, revenues for the quarter are record breaking, with revenue totals coming in 250% higher than Q2 2022 and 350% higher than Q3 2021; the company attributed the record numbers to three things: its “everything” dashboard, a growing list of marketing services and 100% data transparency. An update for the company noted that the business model is solidifying, with labels being the best source of new artists. While Intercept makes the least margin on distribution, the music increases demand for Intercept’s marketing services, which deliver the highest margin and represent a higher gross profit. In September 2022, Intercept began offering marketing services to outside artists and labels, which has led to an increase in marketing service sales.
The company is also seeing success from sophisticated labels, such as the Sapphire group of labels. Intercept has also expanded into the Latin market, with its website and software now available in Spanish and Portuguese, along with multilingual staff who are trained to support every department, including customer sales, support, onboarding, marketing services and distribution. Intercept Music Inc is a multifaceted label and artist-centric platform solution provider that champions creative musicians. “During fourth quarter 2022, we will continue to expand in the Latin markets,” the company stated in the press release. “We also expect to announce several major global partnerships that will drive U.S. sales in 2023. We will launch more marketing services, and we hope to add more music catalogs. With several successive quarters of growth, the company will be finalizing its funding and capital requirements for the medium term and should be done by the end of the fourth quarter 2022. We believe that with the explosion of music being created, the success of digital promotion, and the merger activities taking place within the music industry, the time is right now.”
To view the full press release, visit https://ibn.fm/fx3Ku
About Sanwire Corporation
Sanwire, a diversified company with a focus on technologies for the entertainment industry, has been involved in aggregating technologies for a number of years. Sanwire seeks opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. The company’s current focus is advanced entertainment technologies. For more information about the company, visit www.SanwireCorporation.com or www.InterceptMusic.com.
NOTE TO INVESTORS: The latest news and updates relating to SNWR are available in the company’s newsroom at https://ibn.fm/SNWR
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