Destiny Media Technologies Inc. Announces Fiscal Year 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – November 14, 2022) – Destiny Media Technologies (TSXV: DSY) (OTCQB: DSNY), the makers of Play MPE®, a cloud-based SaaS solution for digital asset management in the music industry, today announced financial results for its fiscal year ended August 31, 2022.

“The launch of Play MPE®’s browser based global distribution components was a major accomplishment for fiscal 2022,” said Fred Vandenberg, President and CEO. “With this launch, we moved resources in the latter half of the year to advance new products and new functionality designed to accelerate revenue growth.”

“While a devaluation of the Euro resulted in a small revenue decline for the year, we expect our increased investments in product and business development to impact 2023,” continued Fred Vandenberg.

Fiscal 2022 Highlights

  • FX adjusted revenue increased by 1%; unadjusted revenue declined by 3%;
  • Renewal of Universal Music Group agreement with 10% increase in annual fees;
  • Warner Music Group revenue grew by 48% in the USA; 30% worldwide;
  • Latin market development continues with a 64% increase in active users; signing of first pilot agreement.
  • Launched Play MPE®’s global distribution infrastructure in browser platform; development staffing moving to new product development.

During the year under a normal course issuer bid, the Company repurchased and cancelled 143,100 shares for a total cost of $0.179M.

Fiscal 2022 Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, November 15 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss financial results for its fiscal year ended August 31, 2022. The Company plans to release financial results for the year before market open on November 14, 2022.

The live webinar will include comments from President, Chief Executive Officer, Fred Vandenberg, and Director of Business Development, Allan Benedict.

Date: Tuesday, November 15, 2022
Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)
Attendees are encouraged to register prior to the scheduled time at the following:

or directly on the REGISTRATION FORM by clicking here.

Attendees viewing the webinar can voluntarily submit verbal questions during the live presentation. Attendee cameras will remain off throughout the presentation. Attendees’ microphones will remain off unless the attendee voluntarily selects to engage in questions similar to the format available on traditional conference call format.

The webinar format will provide the Company an opportunity to present visual information and provide attendees an opportunity for written questions.

For those without internet access, the webinar can be accessed via the following dial in details:

Direct dial in: +1 312 626 6799 or +1 253 215 8782

Webinar ID: 860 4865 3403

Attendees participating via dial in will not have access the webinar video stream, and will not have access to question and answer functions.

A recording of the webinar will be available after the event on

Destiny Media Technologies Inc.


As at August 31, (Expressed in United States dollars)

2022 2021
$ $
Cash and cash equivalents 2,095,928 2,752,662
Accounts receivable, net of allowance for doubtful accounts of $39,518 [2021 – $19,743] 483,774 400,233
Other receivables 29,600 53,172
Prepaid expenses 83,242 103,463
Deposits 33,305  
Total current assets 2,725,849 3,309,530
Deposits   35,556
Property and equipment, net 311,792 143,487
Intangible assets, net 529,717 187,622
Right of use assets   190,253
Total assets 3,567,358 3,866,448
Accounts payable 116,290 202,722
Accrued liabilities 319,738 309,839
Deferred revenue 21,043 8,511
Operating lease liability   226,978
Total current liabilities 457,071 748,050
Operating lease liability, net of current portion
Total liabilities 457,071 748,050
Commitments and contingencies    
Stockholders’ equity    
Common stock, par value $0.001 authorized: 20,000,000 shares Issued and outstanding: 10,122,261 shares [2021 – issued and outstanding 10,265,361 shares] 10,122 10,266
Additional paid-in capital 9,115,848 9,157,804
Accumulated deficit (5,639,465) (5,788,539)
Accumulated other comprehensive loss (376,218) (261,133)
Total stockholders’ equity 3,110,287 3,118,398
Total liabilities and stockholders’ equity 3,567,358 3,866,448


Destiny Media Technologies Inc.


Years ended August 31, (Expressed in United States dollars)

2022 2021 Q4 2022 Q4 2021
$ $ $ $
Service revenue 4,023,910 4,172,473 994,057 1,033,810
Cost of revenue        
Hosting costs 178,567 131,325 40,168 39,034
Internal engineering support 61,793 29,723 18,084 8,725
Customer support 350,161 168,428 102,476 49,439
Third party and transaction costs 66,278 64,449 17,592 16,711
656,799 393,925 178,320 113,909
Gross Margin 3,367,111 3,778,548 815,737 919,901
84% 91% 82% 89%
Operating expenses        
General and administrative 980,381 666,485 180,208 139,663
Sales and marketing 1,011,199 1,433,232 239,036 428,394
Product development 1,099,618 1,194,976 154,677 233,046
Depreciation and amortization 142,662 105,357 52,603 27,969
3,233,860 3,400,050 626,524 829,072
Income from operations 133,251 378,498 189,213 90,829
Other income        
Interest income 9,153 4,031 4,460 869
Gain on disposal of assets 11,018 0
Income before provision for income taxes 153,422 382,529 193,673 91,698
Income tax expense – deferred (4,348)
Net income 149,074 382,529 193,673 91,698
Foreign currency translation adjustments (115,085) 84,323 (106,446) (127,573)
Total comprehensive income 33,989 466,852 44,542 (35,875)
Net income per common share, basic and diluted 0.01 0.04 0.01 0.01


About Destiny Media Technologies Inc.

Destiny Media Technologies (“Destiny”) provides software as service (SaaS) solutions to businesses in the music industry solving critical problems in distribution and promotion. The core service, Play MPE® (, provides promotional music marketing to engaged networks of decision makers in radio, film, TV, and beyond. More information can be found at

Forward-Looking Statements

This release contains forward-looking statements that reflect current views with respect to future events and operating performance. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. Destiny Media Technologies is not obligated to update these statements in the future. For more information on the Company’s risks and uncertainties relating to those forward-looking statements, please refer to the Risk Factors section in our Annual Form 10-K for the fiscal year ended August 31, 2022, which will be available on or

Fred Vandenberg
CEO, Destiny Media Technologies, Inc.
604 609 7736 x236

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