News and Announcements
Dom Carosa, CEO of Crowd Mobile, interviewed live on Commsec
- Published September 10, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Following on from a loss in the last financial year, Crowd Mobile is restructuring to Crowd Media following an internal strategic review.
- Crowd Media will transition from the current product-centric focus to a platform-based company, focused on marketing to millennials through social media.
- Their strategic direction will focus on targeting millennials globally through social media and their technology platform utilising their core staff and social media influencers.
Following on from a current financial year loss with a revenue of $38 million, Domenic Carosa, CEO of Crowd Mobile (ASX: CM8) has announced the restructure of Crowd Mobile to Crowd Media.
The restructuring is the result of a strategic review as a result of a number of departmental challenges facing the business. The review identified their key core capabilities and core areas of expertise. For this reason, the business is looking to move away from a product-based business to a platform-based business, aimed at marketing predominately to millennials, to build upon their existing level of social media expertise.
Crowd Media’s technology platform enables the sale of third-party products on an affiliate basis as well as a business intelligence platform to report on and analyse results. Brands such as Loreal, Nestle and Apple Music have signed on to the platform allowing Crowd Media to promote and sell their products on their behalf. Their technology platform has allowed the capability to find the gaps in the market and to capitalise on global distribution across social media channels. Their core business will focus on combining effective technology with influencers to promote their brand partners.
The transition will continue over the next 6-month transition, subject to shareholder approval at the AGM in November 2018. This change will allow significant leverage for the business model as the company restructures and grows and create a new strategic direction for the business.
See the full interview below.
About Crowd Mobile Ltd:
Crowd Mobile is a global technology company creating digital platforms, building mobile products and working with digital influencers to make customers smile.
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