Net revenue

Clubhouse Media Group Announces First Quarter 2022 Net Revenues of $813,477, an Increase of 55% Over the Same Period in 2021

LOS ANGELES, May 5, 2022 /PRNewswire/ — Clubhouse Media Group, Inc. (OTCMKTS: CMGR) (“Clubhouse Media”), an influencer-based social media company and digital talent management agency, today announced its financial results for the first quarter of 2022.

Financial summary of the first quarter of 2022 compared to the first quarter of 2021

  • Total net income increased by 55% to reach $813,477compared to $523,376
  • Operating expenses decreased by 69% to reach $1,360,488compared to $4,367,363
  • The operating loss decreased by 71% to $1,218,159compared to $4,160,671
  • Net loss decreased by 40% to $3,498,152compared to $5,798,578

Management commentary
“We are pleased with our first quarter results which demonstrate our commitment to growing our business sustainably while controlling our expenses,” said Amir Ben Yohanan, CEO of Clubhouse Media. “Revenue growth was primarily driven by the higher quantity and greater value of brand and agency deals with creators, as well as the growth of our Honeydrip platform. We expect the expansion of our team will be a key driver of revenue growth in the coming quarters.”

“On the spend side, the closure of expensive physical content houses post-COVID-19, coupled with lower marketing spend and less reliance on third-party consultants, contributed to an improved revenue base. costs in the first quarter of 2022,” added Dmitry KaplunCFO of Clubhouse Media.”

About Clubhouse Media Group, Inc.
Clubhouse Media offers management, production and trading services to its hand-picked influencers, a management division for individual influencer clients, and an investment arm for joint ventures and acquisitions for businesses in the media space. social media influencers.

Follow Clubhouse Media on Twitter: https://twitter.com/ClubhouseCMGR.

Forward-looking statements
This press release contains “forward-looking statements”. Forward-looking statements may also be included in other publicly available materials released by Clubhouse Media and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans regarding our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate”, “intend”, “plan”, “aim”, “seek”, “believe”, “project”, “estimate”, “seek”. expect”, “strategy”, “future”, “probable”, “could”, “should”, “should”, “could”, “should” and other words of similar meaning in the context of a discussion of future operational or financial performance.

Examples of forward-looking statements include, but are not limited to, statements relating to future sales, earnings, cash flow, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause actual results and financial condition of Clubhouse Media to differ materially from those expressed or implied by forward-looking statements, including those set forth in the Risk Factors section of Clubhouse Media’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 29, 2022 and our subsequent filings with the SEC, as amended or updated from time to time. Copies of Simplicity Esports’ filings with the SEC are available on the SEC’s website at www.sec.gov. These risks, uncertainties and other factors include, but are not limited to, economic conditions, changes in laws or regulations, demand for Clubhouse Media’s products and services, the effects of competition and other factors that could cause actual results to differ materially from those projected. or represented in forward-looking statements. Any forward-looking information provided in this press release should be considered in light of these factors. We assume no obligation to update any forward-looking statements contained in this press release.

SOURCEClubhouse Media Group, Inc.