Vinco Ventures Inc (BBIG) shares soared 44.72% in after-hours on Friday, August 27, 2021, and closed the weekly trading at $7.67. In the regular trading session of Friday, BBIG’s stock gained 80.89%. BBIG shares have risen 154.81% over the last 12 months, and they have moved up 120.83% in the past week. Over the past three months, the stock has gained 87.28%, while over the past six months, it has declined 84.03%.
Let’s have a look at its recent news and developments.
BBIG recent financial results announcement
On August 23, 2021, Vinco Ventures, Inc (BBIG) announced results for the second quarter ended June 30, 2021.
Q2 2021 financial highlights
- BBIG reported revenue of $2.69 million in Q2 2021 compared to $5.17 million in Q2 2020.
- The cost of revenue was $1.72 million in Q2 2021 compared to $4.0 million in Q2 2020.
- Selling, general and administrative expenses were $6 million compared to $2.4 million in Q2 2020.
- The company suffered a net loss of 183.89 million, or $5.13 per basic and diluted share in Q2 2021 compared to a net loss of $1.62 million, or $0.18 per basic and diluted share in Q2 2020.
BBIG new Music Streaming NFT Platform
On August 4, 2021, Vinco Ventures, Inc (BBIG) announced the launch of its subsidiary Emmersive Entertainment’s first ever music streaming platform, led by the exclusive new album and art release of global superstar, Tory Lanez’s, titled “WHEN IT’S DARK.”
The E-NFT will provide streaming music and accompanying artwork with playback available in the Emmersive Entertainment App, which is expected to be launching shortly on the Apple and Android platforms.
Lomotif agreement with Universal Music Group
On July 26, 2021, Lomotif, and Universal Music Group (UMG) announced a global agreement that allows Lomotif’s users to creatively tap into UMG’s catalogue of music for their videos.
Lomotif is majority-owned and controlled by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation led by co-founders Ted Farnsworth, Jaeson Ma, and Vincent Butta, and Vinco Ventures, Inc (BBIG).
BBIG acquired Lomotif
On July 23, 2021, Vinco Ventures, Inc. (BBIG) closed the Lomotif Private Limited acquisition, which owns the Lomotif short-form video platform, through their joint venture entity ZVV Media. This acquisition makes ZVV Media, a subsidiary of Vinco Ventures Inc., one of the most powerful global short-form media companies in the marketplace.
Conclusion
We are unable to find any news or development which could justify its exceptional performance on Friday. We hope that it will continue to perform well on Monday as well.
