Cloud-based music distribution, collaboration and content discovery platform, Destiny Media Technologies Inc (OTCMKTS:DSNY) on April 11,2022 announced signing JN Records Inc for an exclusive pilot agreement to do promotional distribution.
Market Reaction
On Monday, DSNY stock ended flat at $0.9497 with 5.3K shares, compared to its average volume of 5K shares. The stock moved within a range of $0.9497 – 0.9497 after opening trade at $0.95.
Juan Hidalgo said that digital music is becoming prevalent in the Latin market. Hidalgo added that the firm is adjusting dynamics of J&N slowly and reaching newer markets globally. He added that collaboration with Play MPE has resulted in higher nominations for Latin Grammy awards across more categories.
The firm’s promotional efforts are effective and has expanded into newer markets. As per Juan, Play MPE is a game changer. Carlos Perez of Play MPE said that the response received since Play MPE has been brought to the Latin market has been incredible. Perez added that growth is being seen across Latin America including Mexico, Cuba, Guatemala, Dominican Republic, El Salvador, Chile, Colombia, Paraguay, Argentina, Uruguay, Spain, France, Great Britain amongst others. Perez also stated that the surging user base is enabling it move early adopters to pilot agreements.
Destiny Media Technologies gives software-as-a-service solution to businesses in music industry. Its core service, Play MPE provides music collaboration as well as performance tracking platform for securely promoting, receiving and discovering pre-released promotional music. The platform is utilised by global record labels and artists in six continents.
Key Quote
“As digital music becomes more prevalent in the Latin market, we have been adjusting the dynamics of J&N little by little to be more innovative and reach new markets around the globe.” emphasizes Juan Hidalgo. “Since collaborating with Play MPE®, we have seen more nominations for more Latin Grammy awards in more categories than ever before,” Hidalgo continues. “With Play MPE®, our promotional efforts are more effective and we have been able to expand into new markets. The innovation Play MPE® is bringing to the Latin market is a game changer. ”
Traders Review
DSNY stock is trading below the 20-Day and 50-Day Moving averages of $0.99 and $1.09 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.30.
