Dear Investors,
We are proud to report that in spite of challenges that rippled across the entire entertainment industry, Voyage had a banner, high growth year!
Many across our industry were seriously impacted by the SAG and WGA strikes, increased competition in the streamer market, a downturn in the podcast advertising market, with traditional players going out of business or laying off employees.
But at Voyage:
- Revenues increased by 35%
- Cost of Good Sold only increased by 25%
- Expenses were down by 6%
- And Profits were up by 125%*
There are numerous, interrelated reasons why we've been successful in spite of the industry downturn, but here's a snapshot of a few:
- Our business model reduces risk on the front end of project development, while still maximizing the upside of quality projects. Both ends of our economic pipeline grew during this period.
- We are by nature, lean and mean, and the companies that had outlaid huge amounts of capital are the ones who were caught with their proverbial pants down when the strikes happened. Cash flow was king!
- We never believed fully in the podcast ad market as a sole source of podcast revenue. Our bet that it would need to come from a blend of ad revenue, film/TV licensing revenue, and production revenue paid off big.
- We increased prices & fees, and also were more careful to only work with the right people on the right projects.
Here is some recent news and a view on our path ahead:
- We are in pre-production & production on approximately 25 new projects. So the horizon looks very bright for our Originals.
- We are shooting our 10th and 11th movie/TV show this year: RISE & SHINE begins production in late April in Kansas City, and STUD MAN RICH is anticipated to shoot this fall.
- We are releasing 4 significant podcast series during the first half of 2024, and we are in the process of executing 4x film/TV licensing deals on behalf of other podcast series.
- 2024 Revenues are so far up 37% year-over-year*.
Finally, an acknowledgement: we certainly are better at putting our heads down and getting to work than we are at writing updates, so my apologies for the lack of communication.
All the best for a stellar 2024 for both you, and us!
Nat Mundel
Founder/CEO
*2023 & 2024 financial statements are not yet audited.