London social video group revenue drops 46% during pandemic
A social video group has today reported that its revenue for the first six months of the year was nearly halved by the impact of coronavirus.
Brave Bison Group, headquartered in London, saw a reduction in revenue to £5.5m, down from £10.1m in the first half of 2019.
It also reported a loss before tax of £1.4m, compared to £1.2m in 2019, and said that it has taken “appropriate action”, with annualised cost savings of £1.1m implemented to date.
As a result of its restructuring actions, the group predicts that it will break even in second half of the year.
Oliver Green, executive chairman, commented: “The COVID-19 pandemic presented us with a number of commercial and operational challenges which we have dealt with swiftly and effectively.
“We have a new management team in place, and cost savings have been made to reduce losses.
“Improved trading in June and July has meant that we now anticipate the group will break even in the second half of the year on an EBITDA basis.
“In 2019 we were heavily dependent on Facebook advertising revenue, which cost us when our pages were demonetised last year.
“Although most of our Facebook pages have since been remonetised, this year we have increased our diversification, with Snapchat and YouTube now responsible for a larger proportion of our advertising revenue.
“Positively, the pandemic has forced a number of advertisers to expedite their shift in spend away from traditional channels, such as TV, and towards digital and social advertising, a trend we are well placed to capitalise on.”
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