LOS ANGELES, May 14, 2020 /PRNewswire/ -- Sanwire Corporation, ("Sanwire" or "Company") (OTC: SNWR), a diversified company focused on the entertainment industry, announced today the latest revenue growth and guidance for its wholly owned subsidiary, Intercept Music, Inc. ("Intercept"), and Sanwire's performance on a consolidated basis.
Intercept's revenues for the quarter ended March 31, 2020 have increased more than 400% from the same quarter of 2019. Sanwire closed the acquisition of Intercept on March 5, 2020; therefore Sanwire will include Intercept's revenue and expense items pro-rata from acquisition closing date to March 31, 2020 on a consolidated basis.
Intercept's revenue growth is attributed to an expansion of Intercept's product offerings as well as sales that were generated by Intercept's partners. Revenue is expected to continue to grow in the second quarter of 2020 from services such as the recent introduction of Intercept Plus as well as through strategic acquisitions.
Additionally, Intercept announced that it has streamed more than 14,000,000 tracks for its artists. Streaming has become the most popular way for artists to distribute their music through global streaming services such as Apple Music, Google Play, and Pandora, to name a few. Streaming allows music consumers to listen to the music without actually purchasing it. Intercept has increased its streams by over 3,800% in the first quarter of 2020, compared to the first quarter of 2019.
Streaming currently accounts for more than 80% of the music industry's revenue, and that share continues to increase. Music industry on-demand streaming services have increased more than 25% from 2018 to 2019, with over 60 million Americans subscribed to one of the major streaming services, adding an average of more than 1 million new subscribers per month.
"The independent music artist market continues to grow and is prime for our business model," said Tod Turner, President of Intercept. "Our revenue and streaming growth is a true testament that our product offering is getting traction in the music industry."
Intercept Music is an online platform completely dedicated to helping millions of global independent artists effectively promote their music and distribute it worldwide to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, Intercept's upgraded ambassador program also enables artists to accelerate their careers with individualized coaching sessions, which can be booked directly on the website.
There are currently an estimated 12 million independent artists (i.e., those not signed to major labels) worldwide today, and independent music is the fastest-growing sector by revenue in the music industry. The independent music market generated $1.6 billion in 2019 and is projected to grow 32% in 2020 to $2.1 billion, accounting for up to 10% of the global music industry. Intercept Music offers an unparalleled level of support and service to its independent artists.
About Intercept Music, Inc.
Intercept Music, Inc., an entertainment technology company with the soul of an artist that sells and markets its product offering through a Software as a Service ("SaaS") model. The company's online platform is dedicated to helping millions of global independent artists effectively promote their music and distribute it worldwide to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. Intercept's software platform delivers an unsurpassed combination of distribution, marketing and expert coaching, empowering artists to connect with new audiences, measure their results and distribute and monetize their music like never before. For more information, visit interceptmusic.com.
About Sanwire Corporation
Sanwire Corporation (OTC: SNWR), a diversified company with a focus on the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.
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SOURCE Sanwire Corp.