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Trump Media and Technology Group’s revenue declined by 30% in Q2 2024, totaling $836,900, while the company posted a net loss of $16 million. Despite these financial challenges, TMTG continues to expand its Truth Plus streaming service with new features and strategic acquisitions.
Trump Media's Q2 Revenue Falls 30%, Net Loss Narrows as Truth Plus Streaming Service Expands
Trump Media and Technology Group (NASDAQ: DJT) shares are currently under surveillance for potential volatility following the release of disappointing financial results for the second quarter of 2024, despite the company's recent announcement of a series of positive developments.
Trump Media's revenue for the most recent quarter was $836,900, a decrease of approximately 30% from the $1.192 million revenue that Truth Social's parent company reported in the same quarter of 2023.
According to Wccftech, the company's net loss was $16.368 million, less than the $22.768 million it disclosed in Q2 2023. This is a positive development.
Additionally, Trump Media and Technology Group's cash balance was $343.954 million as of June 30, 2024, due to Digital World's de-SPAC process, its merger with TMTG, and the cash exercise of the associated warrants.
At the time of writing, Trump Media shares are essentially unchanged, suggesting that the financial disclosure on August 9 has already been priced in.
In the interim, TMTG is incorporating new features into its custom content streaming service, Truth Plus.
Trump Media Expands Truth+ Streaming Service Across Platforms, Plans New Features and Smart TV Integration
The company officially launched its Truth+ content streaming service on the web version of the Truth Social app last week. This progressive distribution has since been implemented on the Android and iOS platforms.
Trump Media and Technology Group plans to incorporate features such as "an interactive 14-day electronic guide, instant catch-up of TV show broadcasts in the previous 7 days, network DVR, video on demand, and more" into the Truth Social app in the upcoming phases.
The organization intends to capitalize on novel advertising opportunities to facilitate introducing a streaming service for smart TVs. The company is confident that its streaming service, Truth Plus, cannot be disrupted by the Big Tech industry because a private CDN and a bespoke tech delivery stack fuel it.
In July, Trump Media and Technology Group executed an all-equity agreement with WorldConnect Technologies, WorldConnect IPTV Solutions, and JedTec to acquire critical assets, including the source code, for Truth Plus' private CDN.
At that time, Trump Media also executed a Standby Equity Purchase Agreement (SEPA) with Yorkville, a Cayman Islands exempt limited partnership. During the SEPA's duration, Yorkville may periodically acquire shares valued at $2.5 billion from Truth Social's primary entity.
