Vinco Ventures, Inc. (BBIG) experienced an increase of 19.27% in the aftermarket despite the fact that McFillin Phillip Anthony sold 100,000 shares at a cost of $5 per share according to the SEC filing. However, the last trading session concluded at $3.01 with an increase of 2.73%.
Third Quarter 2021 Financial Results – How was BBIG’s quarter?
BBIG announced the third-quarter results of 2021 on 22nd November 2021. The company reported cash and cash equivalents of $149.9 million whereas the revenue was $2.23 million from $2.52 million. Moreover, there was a sudden decrease noticed in the gross profit margin when it declined to 31.4%. The drop is mostly due to a drop in safety equipment sales in the Edison Nation Medical segment. Furthermore, selling, general and administrative expenses came out to be $25.9 million. Last but not the least, BBIG experienced a net loss of $542.5 million.
Operational Results by BBIG – More About it
BBIG reported a joint venture with ZASH Global Media and Entertainment Corporation. It has acquired an 80 percent shareholding in Lomotif Private Limited. Moreover, Lomotif collaborated with EDC Las Vegas to launch the Lomotif brand in the United States. Lomotif engaged over 150 influencers, resulting in over 51 million TikTok views and over 40 million Instagram story views for the Lomotif brand. Last but not the least, ZVV completed its first TV series, Preach, and its first feature picture, Camp Hideout, as a result of its business partnership with Zash.
Partnership with EDC Las Vegas – Worth it?
On 12 November 2022, it was announced that Lomotif used its collaboration with EDC Las Vegas as a staging ground in the US cultural scene, with plans to launch in the United States in 2022. Lomotif’s largest domestic effort to date to spread awareness of the Lomotif platform was the EDC activation and alliance. Moreover, Lomotif experimented with cross-pollination between Lomotif and other prominent social media platforms, such as TikTok and Instagram.
What’s New?
Lomotif thinks that AdRizer, their social media accelerator, would enable scalable revenue via social media reach and frequency. Users will be able to buy advertising for as little as $5 each to improve their personal pages, and small companies will be able to market to hyper-targeted demographics. In addition, advertisers on Lomotif should be able to decide how often their ads are provided to different target audiences.
