Destiny Media Technologies Inc. Announces Fiscal 2023 Third Quarter Results

Vancouver, British Columbia–(Newsfile Corp. – July 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 third quarter ended May 31, 2023.

“We saw strong independent revenue growth throughout the quarter resulting in a 13.5% increase in this segment,” said Fred Vandenberg, President and CEO. “Independent record label represents 52% of our total revenue and this growth was seen throughout all major market segments and is derived from growing sales numbers and revenue per release. Total revenue grew by 6.9%.”

“The Company increased its product development expenditures throughout the second half of 2022 to execute on earlier successful research and development expenditures. These investments continue through the first three quarters of fiscal 2023 where we see an increased in capitalized development costs,” continued Vandenberg. “These costs are largely financed by ongoing operations.”


Highlights for Q3 2023 include (all figures are USD, and comparisons are to Q3 2022):

  • Quarterly revenue up 6.9% (6.3% foreign exchange adjusted);

  • Independent record label revenue, representing 52% of total revenue, up 13.5%;

  • EBITDA is $176,726 and capitalized development costs are $237,640.

During the quarter, the Company restarted a Normal Course Issuer Bid and repurchased 5,685 shares for a total cost of $3,923. Total repurchases under the normal course issuer bid to July 12, 2023 of 9,585 shares for a total of $7,463.

Fiscal 2023 Third Quarter Earnings Webinar

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

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

Date: Monday, July 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 with 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: 890 0812 8337

Attendees participating via dial in will not have access to 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 May 31, 2023

2023 2022
$ $
Cash and cash equivalents 1,825,172 2,095,928
Accounts receivable, net of allowance for doubtful accounts of $41,166 (August 31, 2022- $39,518) 561,424 483,774
Other receivables 51,042 29,600
Prepaid expenses 47,073 83,242
Deposits 32,083 33,305  
Total current assets 2,516,794 2,725,849
Property and equipment, net 206,427 311,792
Intangible assets, net 1,199,648 529,717  
Total assets 3,922,869 3,567,358  
Accounts payable 108,779 116,290
Accrued liabilities 300,116 319,738
Deferred revenue 40,758 21,043  
Total current liabilities 449,653 457,071  
Total liabilities 449,653 457,071  
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 9,224,712 9,115,848
Accumulated deficit (5,275,423 ) (5,639,465 )
Accumulated other comprehensive loss (486,195 ) (376,218 )
Total stockholders’ equity 3,473,216 3,110,287  
Total liabilities and stockholders’ equity 3,922,869 3,567,358  



Destiny Media Technologies Inc.

(Expressed in United States dollars)
Period ended May 31, 2023

2023 2022
  $     $    
Service revenue 1,068,007 999,282  
Cost of revenue    
Hosting costs 30,555 50,604
Internal engineering support 12,707 21,497
Customer support 72,001 121,816  
Third-party and transactions costs 18,490 15,688  
     133,753 209,605  
Gross margin 934,254 789,677
  87% 79%
Operating expenses    
General and administrative 314,387 318,995
Sales and marketing 237,834 113,172
Product development 247,392 326,125
Depreciation and amortization 37,182 36,313  
  836,795 794,605  
Income from operations 97,459 (4,928 )
Other income    
Interest and other income 9,593 1,686
Gain on disposal of assets  
Income before provision for income taxes 107,052 (3,242 )
Current income tax expense  
Net income 107,052 (3,242 )
Foreign currency translation adjustments 1,429 28,168  
Total comprehensive income 108,481 24,926  
Net income per common share, basic and diluted 0.01 (0.00 )



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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