YOU On Demand Holdings, Inc. (NASDAQ: YOD), has reported first quarter 2016 revenue of USD1,270,000 as compared to USD1,028,000 for the same period in 2015, an increase of approximately USD242,000, or 24 percent, the company said.
The company said this revenue increase was primarily attributed to new distribution channels on over-the-top platforms, the aggregate of which comprised 51 percent of total revenues in the first quarter 2016.
Cost of revenues was USD916,000 for first quarter 2016, as compared to USD1,043,000 for first quarter 2015. The decrease of USD127,000, or 12 percent, was primarily due to delays in expected revenue from specific content titles, which impacted content license cost amortization pattern.
Gross profit for first quarter 2016 was USD354,000, as compared to gross loss of USD15,000 during the same period in 2015. The increase in gross profit of approximately USD369,000 was primarily due to increase in revenues from new and existing distribution channels.
As of March 31, 2016, the company had cash of approximately USD12,035,000 and total current assets of approximately USD15,619,000.
CEO Mingcheng Tao stated, “The evolution of the YOU On Demand 4-vertical business model is well underway with three promising and key business development partnerships, including business alignments with frequency networks, GoLive TV and Huawei.
YOU On Demand Holdings, Inc. is a premium content video on demand service provider in China evolving into a global, mobile-driven, consumer data management platform for both enterprises and consumers. The company is evolving into a global, B2B2C, mobile-driven, consumer data management platform for both enterprises and consumers.