Shares of TheMaven Inc (OTCMKTS:MVEN) have been gaining momentum over the past week with a jump of 25%.
On Monday, MVEN stock gained 3.70% at $0.56 with more than 74k shares, compared to its average volume of 21k shares. The stock has moved within a range of $0.4050 – 0.5600 after opening trade at $0.4050.
TheMaven Inc (OTCMKTS:MVEN), that goes by the brand name – The Arena Group, which is a tech-powered media organization, has announced their financial results on November 15, 2021 for their third quarter of this year. Total revenue has gone up to $59.6 million, with an increase of 86%, as compared to $32.1 million in Q3 of 2020. Revenue for the first nine months of 2021 increased 50% to $127.9 million.
The company’s recurring subscription revenue at the end of Q3 2021, now accounts for more than 50% of all revenues. Magazine circulation revenue has shot up by 102% to $26.0 million in the third quarter of 2021 compared to $12.9 million in the third quarter of 2020. This trend clearly indicates higher subscriber levels and the diminishing effect of acquisition accounting adjustments from the commencement of Sports Illustrated media group operations in 2019.
Advertising revenue has gone up by 130% $21.7 million, compared to $9.4 million in the third quarter of 2020, thus reflecting better monetization and efficiency of the company’s unified technology platform. Quarterly profit percentage has doubled to 46% too, while net loss, inclusive of a $7.3 million non-cash charge for exiting the company’s New York City office lease, was $24.7 million ($21.4 million in Q3 of 2020), which is a 68% improvement year-by-year.
“Since I was asked to lead this business last September, the executive team and I have already achieved our initial goals to transform this company and make it a highly efficient, data driven, technology powered media company that could scale operations, grow audiences, expand margins and drive profitable growth,” said Ross Levinsohn, Chairman and Chief Executive Officer of The Arena Group. “With a proven model, and tremendous momentum heading into 2022, we believe we will expand our footprint and business operations into new verticals, and new areas of growth including the launch of a commerce initiative and plans to enter both the NFT and Metaverse in the year ahead. With premium brands, award-winning content and broad distribution reaching more than 120 million people every month, we are well-positioned to grow in the fourth quarter of 2021, fiscal 2022 and beyond.”
MVEN stock is trading above the 20-Day and 50-Day Moving averages of $0.49 and $0.48 respectively. However, the stock is trading below the 200-Day moving average of $0.68. The stock is up 24% over the past month.