VS Media Provides Recent Updates to Shareholders
May 30 2024 - 9:08AM
VS Media Holdings Limited (NASDAQ:VSME, the "Company"), a leader in
managing a global network of digital creators, today provided a
Shareholder Update from its Founder and Chief Executive Officer Ivy
Wong.
To the Valued Shareholders of VS Media:
I am pleased to share the following update on the company’s
recent progress and announcements. It is with the continued support
of our customers, employees, partners and shareholders that we
deliver these results and continue to provide value to the creators
and brands in our digital ecosystem.
VSME continues to strengthen our ability to grow as we adapt to
the evolving economic environment and needs of consumers in a
digital age. Pointing to our recently shared financial updates from
the fiscal year 2023, we have continued to showcase an expansion in
our creator and brand base, delivering a 12.7% increase in
campaign-based marketing, and solidified our financial strength
with full year revenue of nearly $8M, with expectations of 20%
revenue growth year-over-year for fiscal year 2024. Our strong
financial guidance for the upcoming year is also driven by
expectations that business activities will recover due to
cross-regional brand partnership, artificial intelligence-enabled
digital content, and the resumption of social commerce business
mid-year.
As we remain confident in the long-term business fundamentals,
we announced that our Board of Directors has approved a 10b-18
share repurchase program with authorization to purchase up to
500,000 of the Company’s Class A Ordinary Shares. This plan is
effective for up to a one-year period.
We are also pleased to highlight the following recent
developments that further demonstrate our commitment to building
the business and expanding into emerging markets:
In February 2024, VS Media entered a strategic investment in Los
Angeles-based creative venture studio MeeshQ. The investment comes
as part of a partnership connecting MeeshQ's globally renowned
talents and creators with VSME’s emerging local brands in Asia
Pacific. The partnership brings future opportunities for brand
sponsorship, product venture and other commercial opportunities, as
well as helping talents launch their own products in the Asia
Pacific region. MeeshQ and VSME plan to launch a number of global
ventures in 2024 with high-profile American contemporary talents
such as Mike Tyson and Dennis Rodman in Asia Pacific. VS Media will
be MeeshQ's exclusive partner in the region.
In February 2024, VS Media also partnered with global
entertainment company The Pinkfong Company and fine dining provider
King Parrot Group to launch a VS Lounge in Hong Kong's Central
Waterfront as an all-day family-oriented event. Promoted by Hong
Kong Tourism Board, the event demonstrated the Company’s ability in
collaborating with top tier content creators with customers in
online and offline settings. VS Media will further explore
opportunities in the offline event space to grow its revenue.
In October 2023, VS Media announced its expansion into Macau,
further solidifying its presence in the Asian market. The
strategic move into Macau allows VS Media to leverage its vast
experience in digital marketing, influencer engagement, and content
creation to support Macau businesses in promoting their offerings
to a global audience. With a robust network of talented content
creators, VS Media consistently delivers impactful campaigns that
resonate with target audiences, driving brand awareness and
engagement. For the last few months, VS Media has successfully
signed campaign marketing services deal with Macau Tourism Board,
Galaxy Entertainment Group, Wynn Resorts Macau that resonate with
target audiences, driving brand awareness and engagement.
On behalf of the entire leadership team and employees at VSME, I
thank you for your trust in our commitment to delivering value to
customers. We look forward to your continued support and are
confident in the future success for 2024 and beyond.
Ivy Wong
Founder and Chief Executive Officer
About VS Media
VS Media Holdings Limited (NASDAQ:VSME) manages a network of
leading digital creators across Asia Pacific that powers
content-driven social commerce and offers local and effective
marketing services to brands. Founded in 2013, VSME partners with
over 1,500 creators and over 1,000 brands to promote and
merchandise their products and services. The company is
currently growing internationally across Hong Kong, China, Taiwan,
Singapore, and beyond. For more information,
visit https://www.vs-media.com.
Contact information:
VS Media Holdings Limited
ir@vs-media.com
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