US D2C content provider posts Q307 revenues of $10.5m from 750,000 subs.
The Irvine-based company, which owns sites including Bid4Prizes, GatorArcade, YourCrush and Altnet, said strong subscriber growth, new content services and a merger with mobile marketing agency Traffix have driven its growth.New Motion had approximately 750,000 monthly paying subscribers at September 30, an increase of approximately 180,000 paying subscribers since June this year.
Net losses for 3Q07 widened to $1.9 million compared to a net loss of $0.4 million in 3Q07. New Motion ended the period with $13 million in cash and working capital of $15.1 million.
Revenue for the nine months ended September 30 stand at $23 million, up 84 per cent from $12.5 million for the same period in 2006. Net loss for the nine months was $3.2 million.
New Motion CEO Burton Katz said: "We are building one of the most seasoned management teams and diversified mobile entertainment companies in the United States. As we continue to hire top talent, expand our product offerings, grow both our paid and ad-supported subscriber base, and prepare for the completion of our merger with Traffix we are well positioned for an exciting year of growth in 2008."
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