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NAPLES, Fla., Aug. 23, 2022 /PRNewswire/ -- Pro Music Rights, Inc. (OTC: NUVG), one of the world's largest music licensing companies, today announced financial results for its second quarter ended June 30, 2022 with its quarterly report which can be found at EDGAR
Assets increased to $432,579,903 for the 2nd Quarter of 2022 from $323,562,671 reported EOY 2021, an increase of $109,017,232 in total assets Q to Q bringing book value to $0.12 per share, bringing immediate value to shareholders of at least 128.8% in overall asset and book value, as of the closing price of the Company's common stock at $0.053 on August 22.
Pro Music Rights currently generates revenue by licensing the musical works in its repertory.
Pro Music Rights granted earlier in the Quarter the well-known video service TikTok a license that will allow its users to create videos which include music from Pro Music Rights' extensive repertoire. The agreement will enable TikTok to offer PMR's more than 2,500,000 works to its users.
Pro Music Rights the 5th public performance rights organization (PRO) ever formed in the United States. Its licensees include notable companies like TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and hundreds of others. Pro Music Rights controls an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBaggYo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Fall Out Boy, and countless others. For more information, please visit promusicrights.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Pro Music Rights, Inc. to accomplish its stated plan of business. Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc. or any other person.