The company reported a 15% improvement in cash receipts and a 20% boost in sales revenue in Q4 2020
Social commerce business Crowd Media has posted better than expected performance figures for Q4 2020 and declared that it is now in a strong position to compete with NASDAQ-listed e-commerce company LivePerson, as part of a bid to “revolutionise conversational commerce”.
The IoT-focused media company reported a 15% improvement in cash receipts to $4 million and a 20% boost in sales revenue to $379,000 in the last quarter of 2020.
The company also extinguished its BillFront debt facility of $1.7 million thereby saving around $200,000 in annual interest and administration costs, the company said.
In a note to shareholders, Crowd Media chairman Steven Schapera explained that in line with the company’s strategy outlined at its AGM in November 2019, Crowd Media will be building and commercialising a technology platform based on its Q&A chatbot.
The software is currently being integrated with artificial intelligence (AI), AR, machine learning and voice cloning capabilities with a view of completing a fully developed prototype before the end of 2022. Mr Schapera described Crowd’s development so far as being “ahead of our internal schedule”.
This ambitious goal, if successfully executed, has the potential to propel the company toward significant valuation multiples, said Mr Schapera.
Crowd’s chairman also confirmed that Kamu and KINN were Crowd’s best-performing brands and had the strongest potential to deliver commercial outperformance in 2021.
We are seeing retail marketing dollars moving away from bricks and mortar to aggressive online deployment. Accordingly, we have restructured this business segment in a positive way, to focus on our best-performing brands: Kamu and KINN – which we see as having the strongest potential, he said.
With respects to its Mobile business division, Crowd Media said the unit was “collectively delivering ongoing profits to Crowd notwithstanding regulatory and other headwinds in the sector”.