Published on September 17, 2019
-Over $100K of subscription revenues achieved since the launch of Vocal+-Successful completion of Vocal Founding Member program-Implementation of monthly renewal option in addition to Vocal+ annual subscription offering -On track for up to $400K combined fourth quarter revenues-Close of $1MM of financing, secured against the Company's general media assets
FORT LEE, N.J., Sept. 18, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc. (OTCQB: JMDA) (the "Company" or "Jerrick") the creator of Vocal, today introduced a new subscription tier for its premium membership program, Vocal+, marking the end of the Founding Member initiative.
"We are thrilled with the success of Vocal+ so far, and are thankful for the support from our Founding Members, a group comprising over 1,200 creators of all shapes and sizes," said Justin Maury, Jerrick's President and Head of Product. "Vocal wouldn't exist without you, our community, or the stories you tell. We look forward to continuing to introduce new enhancements to Vocal+ and Vocal at large." With the close of its Founding Member program, Vocal creators are now able to join Vocal+ as a regular member and access all of its premium features for $9.99/month, effective today.Learn more about joining Vocal+.
Additionally, the Company confirmed its 2019 guidance, having seen better-than-expected early results and momentum driven by the continued integration of Seller's Choice and Jerrick's sales teams and operations. As anticipated, the recent completion of the Seller's Choice acquisition will contribute to a projected total of $300-400K in combined revenues for fourth quarter.
"Our integration activities are on track, with cost saving synergies already exceeding expectations. As the newly enhanced Jerrick team aligns its collective strengths, we expect Jerrick's organic revenue growth to continue to accelerate," said Jerrick CEO Jeremy Frommer. "Bringing together creators and brands in a safe environment has been core to Vocal's vision since its inception in December 2016. With the completion of the replatforming, the introduction of the $10 monthly subscription option and the integration of Seller's Choice and Vocal's client portfolios, Jerrick's flagship product is poised for great expansion."
Additionally, the Company announced the completion of an additional $1MM in financing secured by its collection of archival media assets, including acquired artwork, photographs and media memorabilia.
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