The following is a summary of the Destiny Media Technologies Inc. (DSNY) Q2 2024 Earnings Call Transcript:
Financial Performance:
Destiny Media Technologies Inc. reported a 9% increase in Q2 revenue, contributing to a 9.9% growth in year-to-date revenue.
Independent label revenue, accounting for over 50% of total revenue, saw an increase of 19.5% in Q1 and 10.5% in Q2.
Year-to-date expenditures increased by 23.3%, including a one-time foreign exchange gain.
Year-to-date income stands at $120,000 with an EBITDA of $285,000.
Business Progress:
Destiny transitioned its largest customer to the web version of Caster, discontinuing the PC-based version.
The firm has rolled out several product updates, including improved list creation and provision channels, the implementation of social sharing features, and in-platform commenting for lead generation.
Destiny is developing a new music tracking feature, Music Tracking Radar (MTR), currently in its beta phase and set to launch soon.
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