Mega Matrix Inc. Announces Third Quarter 2024 Financial Results

SINGAPORE, Nov. 12, 2024 /PRNewswire/ -- Mega Matrix Inc. ("MPU" or the "Company") (NYSE:MPU), today announced financial results for its third quarter ended September 30, 2024. 

Financial Highlights

In the third quarter of 2024, the Company's total unaudited revenue reached $10.3 million, representing the quarter-on-quarter ("QoQ") growth of 49.3% compared to Q2 2024, marking a new high for the year. The total revenue in Q3 included over $9.3 million from membership and top-up streaming services, with a QoQ growth of 47.6% and around $1.0 million from online advertising services, with a QoQ growth of 66.7%.

Gross profit in the third quarter of 2024 reached $6.1 million, with an almost 60.0% gross profit margin, remaining consistent with the previous quarter.

Operating Highlights

User recharge totaled $9.5 million in the third quarter of 2024, representing a 46.2% increase compared to Q2 2024.

In the third quarter of 2024, our quarterly active users reached 3.2 million, with an ARPU of $3.0 and an ARPPU of $25.9 and our total active users amounted to 7.2 million for the nine months ended September 30, 2024.

In the third quarter, we released a total of 56 new series of short dramas, including 16 self-produced series (15 in English and 1 in Japanese), marking a steady increase in our original content production.

 

Management Commentary

Mr. Yucheng Hu, CEO of Mega Matrix Inc., stated, "In Q3 2024, FlexTV achieved significant growth in both revenue and original content output, with steady user engagement reinforcing our strategy. Our short dramas tailored for vertical viewing continue to attract audiences.

Looking forward, we remain focused on expanding FlexTV's content library, supporting studios, building partnerships, and enhancing engagement features to keep FlexTV competitive. With a strengthened script team, production has stabilized per month since July. Building on Q3's progress, we are striving to achieve single-quarter profitability in Q4, reaffirming our confidence in FlexTV's potential to deliver value to both audiences and shareholders."

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE:MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect wholly owned subsidiary of the Company. Mega Matrix Inc. is a Cayman Islands corporation headquartered in Singapore. For more information, please contact or visit: http://www.megamatrix.io.

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