NEW YORK, NY--(Marketwired - Aug 18, 2014) - Eyes on the Go, Inc. (OTCQB: AXCG) ("Eyes"), released results for the 2nd quarter and reported revenue of $149,376, a 63% increase over the 1st quarter of $91,649. For the 6 months, revenue jumped from $10,135 in 2013 to $241,025 in 2014, a 2,278% increase. Revenue growth is coming from venue fees, social media and artist support services and ad placements. The company expects revenue to continue to grow in the foreseeable future.
During the quarter the company invested significant capital in preparing for its expansion including capacity to handle traffic from their new relationship with Cameron Dallas and Nash Grier. The company is adding upwards of 500 servers through its relationship with Amazon Web Services to increase concurrent viewers by at least 20 times. Increased spending on software and services led to a total overhead expense in the 2nd quarter 2014 of $543,600, up from $297,500 in the 1st quarter. This led to an increased operating loss of $396,800 compared to $214,000 in the prior quarter. The company expects that it will continue to invest as more venues and celebrity relationships are added to its broadcast network.
Eyes recently announced that it had launched a subscription application that will allow venues and artists to monetize their content through shows, event series or monthly fees. The company is expecting to start realizing subscription revenues with the Cameron and Nash live and recorded broadcasts by the end of August.
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About Eyes on the Go, Inc. and GANDER.tv
GANDER.tv streams live and recorded video from nightlife venues and events and celebrity broadcasts providing entertainment, exposure and revenue opportunities that are all leveraged with digital marketing and social media support. Statements not based on historical fact are forward-looking statements. Although such statements are based on management's current estimates and expectations, and currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain. We, therefore, caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements.
For a description of some factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our Annual Report Form 10-K and other Company reports. We caution readers that we do not undertake to update any forward-looking statements.