Verb Technology Company, Inc.
(NASDAQ: VERB) ("VERB" or the
"Company"), the leader in interactive video-based
sales-enablement applications, including shoppable livestream
video, today announces a new program to drive revenue on its
MARKET.live livestream social shopping platform. The new program,
tentatively titled ‘Creators On MARKET,’ provides social media
content creators and influencers the ability to monetize their fan
base more effectively, in ways not available on social media and
ecommerce platforms.
Rory J. Cutaia, VERB CEO, explains the new program in a
video available on MARKET.live. You can watch it
here.
Through this new program, popular social media creators and
influencers can quickly and easily create their own branded store
on MARKET.live and then populate that store by choosing their
favorite products from among tens of thousands of products
available from select sellers on MARKET.live, including those from
major brands and retailers. They can offer those products for sale
to their fans and followers through the videos they are already
creating and be paid a fee of between 5% to 20% of the gross sales
revenue they generate. They will have no need or costs to purchase
and maintain inventory and all the shipping and handling is done
for them without charge.
The Company plans to launch an aggressive marketing campaign,
targeting tens of thousands of creators and influencers on certain
social media platforms.
The following is a transcript of the video by
VERB’s CEO, Rory J. Cutaia, explaining the new program, available
now on MARKET.live:
Greetings - VERB fans, followers, shareholders, stakeholders,
thank you, thank you very much for joining me on MARKET.live. I’m
Rory Cutaia, CEO here at VERB.
So by now, you know that MARKET is a world class livestream
social shopping platform. You also know that we have attracted, and
continue to attract some of the world’s biggest brands. Each week,
you’re seeing more and more brands activate on the platform, and
you’re seeing more and more live events.
Now, MARKET will continue to evolve and among the many exciting
things you can look forward to seeing on MARKET, is original
shoppable entertainment content. Production companies are actually
currently developing shoppable original entertainment specifically
for MARKET – this is that realization of our vision for VERB.TV
you’ve heard me talk about extensively. I expect that quite a bit
of that content will be available on MARKET before year-end.
You may have also seen the recent press releases about the
upcoming Coresight Research 10/10 Livestream shopping festival,
which will be streamed live on MARKET. And it is indeed an honor to
have had MARKET selected to host that festival for Coresight
Research – because – look – they are experts in retail technology –
and an early advocate of livestream shopping.
We’re also working to bring you live shoppable sporting events.
And as we get closer to finalizing those opportunities, we’ll share
more information.
As you’ve heard me say previously, this is a numbers game. Since
our revenue is function of the number of sales that take place on
the platform, all of these initiatives are designed to attract more
and more viewers that become shoppers on the platform, which in
turn attracts more and more sellers to the platform, and so on, as
each feeds the other – the more sellers on the platform, the more
shoppers on the platform, and the more shoppers on the platform,
the more sellers on the platform. It’s an eco-system.
And it’s this eco-system that we sought to create – an
eco-system that is unique to MARKET, and one that drives the sales
from which our own revenue is derived.
And it’s certainly our expectation that the greater our revenue,
the greater our share price. And that is our focus.
So today I’d like to announce a new program that we believe will
accelerate the growth of that eco-system - rapidly and
exponentially.
But first let me provide some context. You’ve all heard the term
“creator economy”. Well let me tell you something – the creator
economy is exploding, and there’s nothing that inflation or any of
the other crazy things happening in this world are going to do to
slow this down.
So think about this: How many creators and influencers produce
videos on social media channels to promote their favorite product?
How many unboxing videos are produced on YouTube every single day?
How many style and fashion videos are produced? How many make-up
and cosmetics videos? How many electronics videos?
Now think about how many people watch those videos and then they
go out and buy those products.
Well – what if the creators and influencers producing those
videos could actually sell those products to the millions of fans
and followers that watch their videos.
Well under a new program we’ve created at MARKET – they
can.We’re tentatively calling it Creators On Market.
Under this new program, creators and influencers can choose
their favorite products from among tens of thousands of products
from almost 300 brands and retailers on MARKET – right - choose
them from the brands that are already on MARKET - choose those
products – and then feature those products in the videos they are
already creating – with one major difference – their fans and
followers can actually buy those products in those videos - and the
creators and influencers - they’re going to get paid for doing so –
they can receive anywhere from 5% to 20% of the gross sales that
they generate - and best of all – for them - they don’t have to
make any investment in the inventory – they don’t have to have any
relationship with the manufacturers or the brands and retailers,
and they don’t have to hassle with doing any of the fulfillment,
they don’t have to do any of the picking, the packing, the shipping
– that is all done for them.
The only thing they need do is go to MARKET.live, set up their
storefront. But look - here’s where it gets interesting. They can
then stock their stores simply by choosing the products they know
and love that are available from other stores and brands already on
MARKET, and then feature those products in their videos and invite
their fans and followers to watch. That’s it.
And we’re not talking about products from brands no one ever
heard of – we’re talking about products from Target, Best Buy, Gap,
Banana Republic, Athleta, Loft, Saks Off 5th, SSENSE, The Container
Store, among many, many others.
So, we believe we can attract as many as 1,000 active sellers to
MARKET, each of whom have large followings, by this time next year
– possibly, possibly, many, many more. And then, on even the most
modest revenue assumptions from each seller, we believe this
represents a meaningful, meaningful enhancement to our revenue,
which we believe should lead to a higher share price.
So, in the next several weeks, we will launch an aggressive
marketing campaign on various social media channels targeting
specifically, those creators and those influencers that promote,
but don’t currently sell, those products from among the categories
of products available from select retailers on MARKET right now.
This is our low hanging fruit.
Creators and influencers can apply for early access to the
program, with preference given to those with the largest
established base of followers. We’re going to provide a robust set
of tools and resources to assist these creators and influencers to
achieve success on MARKET.
And by the way, look - they don’t need to abandon what they’re
already doing on other social channels, this is really just an
enhancement to what they’re already doing - making adoption of this
new program an easy decision. This will allow these people that are
creating all this content, to actually monetize that content in a
way they can’t do anyplace else.
Creating value that is actually reflected in our share price? –
well look that’s not easy in these difficult economic times – but
it remains our sole focus and we believe that this new program,
coupled with what we believe is the best livestream shopping
platform in the world, will create the quantifiable value our
shareholders have come to expect and certainly deserve.
So thank you for your time. Now go ahead and shop our stores on
MARKET and be entertained by the livestream sessions. And we’ll
catch up again real soon. Thank you so much for your time.
About VERBVerb Technology Company, Inc.
(Nasdaq: VERB), the market leader in interactive video-based sales
applications, transforms how businesses attract and engage
customers. The Company’s Software-as-a-Service, or SaaS, platform
is based on its proprietary interactive video technology, and is
comprised of a suite of sales enablement business software products
offered on a subscription basis. Its software applications are used
by hundreds of thousands of people in over 100 countries and in
more than 48 languages. VERB’s clients include large sales-based
enterprises as well as small business sales teams, including the
sales and marketing departments of professional sports teams.
MARKET.live is VERB’s multi-vendor, multi-presenter, livestream
social shopping platform at the forefront of the convergence of
ecommerce and entertainment. With approximately 150 employees and
contractors, the Company is headquartered in Lehi, Utah, and also
maintains offices in Newport Beach, California.
For more information, please visit: verb.tech.
Follow VERB here:VERB on
Facebook: facebook.com/VerbTechCoVERB on
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LinkedIn: linkedin.com/company/verb-techVERB on
YouTube: youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQMARKET –
our livestream social shopping platform: market.liveSign up
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FORWARD-LOOKING STATEMENTSThis communication
contains “forward-looking statements” as that term is defined in
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties and
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and may contain words such as “anticipate,” “expect,”
“project,” “plan,” or words or phrases with similar meaning.
Forward-looking statements contained in this press release relate
to statements regarding the Company's progress towards achieving
its strategic objectives. Forward-looking statements are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties, including, but not limited to (i) the COVID-19
pandemic and related public health measures on our business,
customers, markets and the worldwide economy; (ii) our plans to
attract new customers, retain existing customers and increase our
annual revenue; (iii) the development and delivery of new products,
including verbLIVE and MARKET; (iv) our plans and expectations
regarding software-as-a-service offerings; (v) our ability to
execute on, integrate, and realize the benefits of any
acquisitions; (vi) fluctuations in our quarterly results of
operations and other operating measures; (vii) increases in
competition; and (viii) general economic, market and business
conditions. If any of these risks or uncertainties materialize, or
if any of our assumptions prove incorrect, our actual results could
differ materially from the results expressed or implied by these
forward-looking statements. For additional information regarding
the risks and uncertainties that may cause actual results to differ
materially from those expressed in any forward-looking statement,
our investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law.
Investor Relations
Contact:888.504.9929investors@verb.techMedia
Contact:855.250.2300, ext.107
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