Destiny Media Technologies Inc. Announces Fiscal 2023 First Quarter Results

Vancouver, British Columbia–(Newsfile Corp. – January 17, 2023) – 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 2023 first quarter ended November 30, 2022.

“Revenue for the quarter was impacted by the decline in the value of the Euro and general economics impacting our independent clients,” said Fred Vandenberg, President and CEO. “The Company is focused on investments designed to accelerate revenue growth.”

Fred Vandenberg, President and CEO said, “Play MPE®’s recent business development focus has been to improve our Major Label customer base which has resulted in a foreign exchange adjusted revenue growth of 5% for the quarter.”


Highlights for Q1 2023 include (all figures are USD, and comparisons are to Q1 2022):

  • EBITDA of $324,134;
  • $248,309 of software development costs capitalized as the company invests in new product development designed to expand addressable market;
  • FX adjusted Major Label revenue up 5%;

Fiscal 2023 First Quarter Earnings Webinar

Destiny Media Technologies will hold a live webinar on Tuesday, January 17 at 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time) to discuss its 2023 first quarter results.

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

Date: Tuesday, January 17, 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 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: 841 1993 0932

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.
(Expressed in United States dollars)
As at November 30

2022 2021
$ $
Cash and cash equivalents 2,246,205 2,095,928
Accounts receivable, net of allowance for doubtful accounts of $36,924 (August 31, 2022- $39,518) 380,092 483,774
Other receivables 36,735 29,600
Prepaid expenses 51,829 83,242
Deposits 32,270 33,305
Total current assets 2,747,131 2,725,849
Property and equipment, net 268,314 311,792
Intangible assets, net 758,313 529,717
Total assets 3,773,758 3,567,358
Accounts payable 105,069 116,290
Accrued liabilities 338,570 319,738
Deferred revenue 16,893 21,043
Total current liabilities 460,532 457,071
Operating lease liability, net of current portion
Total liabilities 460,532 457,071
Commitments and contingencies
Stockholders’ equity    
  Common stock, par value $0.001, authorized 20,000,000 shares.

Issued and outstanding – 10,122,261 shares (August 31, 2022 – issued and outstanding 10,122,261 shares)

    10,122      10,122  
Additional paid-in capital 9,153,005 9,115,848
Accumulated deficit (5,381,199 ) (5,639,465 )
Accumulated other comprehensive loss (468,702 ) (376,218 )
Total stockholders’ equity 3,313,226 3,110,287
Total liabilities and stockholders’ equity 3,732,603 3,567,358


Destiny Media Technologies Inc.
(Expressed in United States dollars)
Period ended November 30

2022 2021
$ $
Service revenue 1,020,737 1,134,151
Cost of revenue    
Hosting costs 27,959 42,184
Internal engineering support 12,570 8,400
Customer support 71,228 47,603
Third-party and transactions costs 17,690 19,376
  129,447 117,563
Gross margin 891,290 1,016,588
  87% 90%
Operating expenses    
General and administrative 163,061 150,624
Sales and marketing 174,226 415,810
Product development 263,426 258,424
Depreciation and amortization 36,379 27,172
  637,092 852,030
Income from operations 254,198 164,558
Other income    
Interest and other income 7,668 1,043
Income before provision for income taxes 261,866 165,601
Current income tax expense (3,600 )
Net income 258,266 165,601
Foreign currency translation adjustments (92,484 ) (38,768 )
Total comprehensive income 165,782 126,833
Net income per common share, basic and diluted 0.03 0.02


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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