HOLLYWOOD, Aug. 5, 2014 (GLOBE NEWSWIRE) -- The Movie & Music Network (OTC:DIDG), the Hollywood, California-based online content provider, has paid off another note in its convertible debt portfolio, avoiding commensurate dilution in share value.
Stated Martin W. Greenwald, CEO, "I am pleased to report that our operations are sufficient enough so that we've been able to stay on our schedule of retiring our convertible notes as they become due. This is key to maintaining shareholder value, something we take very, very seriously."
The Movie & Music Network provides film and television content to monthly subscribers who access the service online or through the increasingly popular Roku set-top box format. The company posted year-over-year revenue growth of 93% and subscriber growth of 114% between second quarter 2013 and second quarter 2014. Financials are set to be released within the next two weeks.
"We're very pleased with both revenue and subscriber growth of late," Greenwald added. We're eagerly awaiting final approval from Apple on our iOS mobile app, with Android to follow soon thereafter. Exposure to the mobile market is a heartbeat away, and we expect significant increases through reaching a much wider audience of devices. We've also just launched our cannabis channel, MJ360.tv, and it's a wonderful counterbalance to our other programming, because we're taking full advantage of the live streaming aspect of internet TV. We've got a show on MJ360 called 'GrassRoots' and this Thursday is our first-ever live stream. As someone who remembers live TV from the 1960s, I have to say I think this era is even more exciting."
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Source: The Movie & Music Network