HONG KONG, May 30, 2024 (GLOBE NEWSWIRE) -- VS Media Holdings Limited (NASDAQ:VSME, the "Company"), a leader in managing a global network of digital creators, today provided a Shareholder Update from its Founder and Chief Executive Officer Ivy Wong.
To the Valued Shareholders of VS Media:
I am pleased to share the following update on the company's recent progress and announcements. It is with the continued support of our customers, employees, partners and shareholders that we deliver these results and continue to provide value to the creators and brands in our digital ecosystem.
VSME continues to strengthen our ability to grow as we adapt to the evolving economic environment and needs of consumers in a digital age. Pointing to our recently shared financial updates from the fiscal year 2023, we have continued to showcase an expansion in our creator and brand base, delivering a 12.7% increase in campaign-based marketing, and solidified our financial strength with full year revenue of nearly $8M, with expectations of 20% revenue growth year-over-year for fiscal year 2024. Our strong financial guidance for the upcoming year is also driven by expectations that business activities will recover due to cross-regional brand partnership, artificial intelligence-enabled digital content, and the resumption of social commerce business mid-year.
As we remain confident in the long-term business fundamentals, we announced that our Board of Directors has approved a 10b-18 share repurchase program with authorization to purchase up to 500,000 of the Company's Class A Ordinary Shares. This plan is effective for up to a one-year period.
We are also pleased to highlight the following recent developments that further demonstrate our commitment to building the business and expanding into emerging markets:
In February 2024, VS Media entered a strategic investment in Los Angeles-based creative venture studio MeeshQ. The investment comes as part of a partnership connecting MeeshQ's globally renowned talents and creators with VSME's emerging local brands in Asia Pacific. The partnership brings future opportunities for brand sponsorship, product venture and other commercial opportunities, as well as helping talents launch their own products in the Asia Pacific region. MeeshQ and VSME plan to launch a number of global ventures in 2024 with high-profile American contemporary talents such as Mike Tyson and Dennis Rodman in Asia Pacific. VS Media will be MeeshQ's exclusive partner in the region.
In February 2024, VS Media also partnered with global entertainment company The Pinkfong Company and fine dining provider King Parrot Group to launch a VS Lounge in Hong Kong's Central Waterfront as an all-day family-oriented event. Promoted by Hong Kong Tourism Board, the event demonstrated the Company's ability in collaborating with top tier content creators with customers in online and offline settings. VS Media will further explore opportunities in the offline event space to grow its revenue.
In October 2023, VS Media announced its expansion into Macau, further solidifying its presence in the Asian market. The strategic move into Macau allows VS Media to leverage its vast experience in digital marketing, influencer engagement, and content creation to support Macau businesses in promoting their offerings to a global audience. With a robust network of talented content creators, VS Media consistently delivers impactful campaigns that resonate with target audiences, driving brand awareness and engagement. For the last few months, VS Media has successfully signed campaign marketing services deal with Macau Tourism Board, Galaxy Entertainment Group, Wynn Resorts Macau that resonate with target audiences, driving brand awareness and engagement.
On behalf of the entire leadership team and employees at VSME, I thank you for your trust in our commitment to delivering value to customers. We look forward to your continued support and are confident in the future success for 2024 and beyond.
Ivy Wong
Founder and Chief Executive Officer
About VS Media
VS Media Holdings Limited (NASDAQ:VSME) manages a network of leading digital creators across Asia Pacific that powers content-driven social commerce and offers local and effective marketing services to brands. Founded in 2013, VSME partners with over 1,500 creators and over 1,000 brands to promote and merchandise their products and services. The company is currently growing internationally across Hong Kong, China, Taiwan, Singapore, and beyond. For more information, visit https://www.vs-media.com.
Contact information:
VS Media Holdings Limited
ir@vs-media.com
