NoonTalk Media has narrowed its loss by 40% to $1.26 million in its 1HFY2024 ended December 2023, from the $2.1 million recorded in the previous corresponding period.
This is on the back of higher revenue at $2.2 million, up 16% y-o-y driven by the revenue from the management and events business segment which increased by 30% y-o-y following increased engagements of affiliated artists and a concert.
Cost of sales grew by 25% y-o-y to $2.2 million on higher artist engagement fees and production costs, which in turn grew due to higher proportion of external vendors and staff costs. As a result of the higher costs, gross profit was down by 70% y-o-y.
As at Dec 31, 2023, NoonTalk’s assets stood at $5.09 million, consisting mainly of cash and cash equivalents, film production in progress, trade and other receivables, as well as contract assets.
Moving forward, the company is looking into ways to incorporate live-streaming into its content strategy to captivate audiences with refreshing content.
“The rapid advancement of technology, particularly in the realm of artificial intelligence (AI), presents both challenges and opportunities. While actively embracing AI to enhance our content creation, distribution and personalisation, we aim to improve existing services and explore new revenue streams to position ourselves as a frontrunner in the evolving media landscape,” the company adds.
See also: Envictus reports profit turnaround with earnings of RM50.6 mil
Shares in NoonTalk closed flat on Feb 6 at 8.3 cents.
