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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May
8, 2024
MEGA MATRIX CORP.
(Exact
name of registrant as specified in our charter)
Delaware |
|
001-13387 |
|
94-3263974 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification
No.) |
3000 El Camino Real,
Bldg. 4, Suite 200, Palo Alto, CA |
|
94306 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
(650) 340-1888
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
MPU |
|
NYSE American
Exchange LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 Results of Operations and Financial Condition.
On
May 8, 2024, Mega Matrix Corp. (the “Company”) issued a press release setting forth certain financial and operational information
for its first quarter ended March 31, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on
Form 8-K.
Item
7.01 Regulation FD Disclosure.
The
information under Item 2.02 above is incorporated herein by reference.
The
information reported under Items 2.02 and 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, is being “furnished”
and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on our behalf by
the undersigned hereunto duly authorized.
|
Mega
Matrix Corp. |
|
|
|
By: |
/s/
Yucheng Hu |
|
|
Yucheng
Hu
Chief
Executive Officer |
|
|
|
Dated:
May 8, 2024 |
|
|
2
Exhibit 99.1
MEGA MATRIX CORP. Announces
First Quarter 2024 Financial Results
PALO ALTO, CA, May 8,
2024 (PR NEWSWIRE) -- Mega Matrix Corp. (“MPU” or the “Company”) (NYSE American: MPU), today announced financial results
for its first quarter ended March 31, 2024. Since the beginning of 2024, the Company made the strategic decision to focus on short drama
streaming platform, FlexTV and ceased the crypto-related business, we have made significant progress in finance and operation.
Financial Highlights
| ● | In
Q1 2024, the Company’s total unaudited revenue reached $8.7 million, including over $8.0 million from membership and top-up streaming
services and around $0.7 million from online advertising services. |
| ● | Membership
and top-up streaming services revenue from the U.S. market amounted to $4.4 million, representing 54.6% of the total streaming services
revenue, which was attributed to our focus on English self-produced short dramas and the U.S. market. |
| ● | Gross
profit for Q1 2024 reached $5.2 million, with an almost 60.0% gross profit margin. |
Operating Highlights
| ● | User recharge totaled $9.3 million in Q1 2024,
with 66.0% generated from the U.S. |
| ● | In Q1 2024, our quarterly active users reached
2.62 million, with an ARPU of $3.07 and quarterly active paying users amounted to 0.32 million, with an ARPPU of $24.94 respectively. |
| ● | As of April 30, 2024, several hit series were
released, among which “Mr. Williams! Madame is Dying” generated unaudited total user top-up amount reaching over $6.3 million
and brought 4.8 million views, which demonstrated the powerful monetization capability of hit series. |
| ● | As of April 30, 2024, FlexTV had a total inventory
of over three hundred (300) short dramas, with two hundred and four (204) already released. Among the released dramas, fifty-three (53)
are self-produced. |
| ● | On January 20, 2024, FlexTV rose to 8th position
in the Apple App Store Entertainment Top Charts (Free Apps, U.S.). |
Management Commentary
Mr. Yucheng Hu, CEO of
Mega Matrix Corp. said, “In Q1 of 2024, our efforts to bolster FlexTV’s development were validated as we witnessed significant traction
and engagement on the platform. The rapid uptake by users underscores the appeal of our curated short drama content, tailored for the
vertical screen format.
Building on this momentum,
our focus for the remainder of the year is on further enriching the FlexTV experience. We are committed to expanding our content library,
nurturing studios that supply content to our platform, forging strategic partnerships, and enhancing user engagement features to ensure
that FlexTV remains at the forefront of the evolving entertainment landscape.
We attained our financial
results by releasing only four self-producing English short dramas tailored for English-speaking world in 2024 Q1. Mega Matrix recognizes
that captivating storylines are both the cornerstone and bottleneck of successful short dramas. Consequently, we have strengthened our
script team, significantly enlarging its size by about 10 times and refining the script writing process. The newly reinforced team is
now poised to produce 5 to 10 short dramas per month starting from June 2024.
The success we’ve experienced
in Q1 reaffirms our belief in FlexTV’s potential to revolutionize the way audiences consume content in the digital age. We are excited
to continue driving innovation and delivering compelling entertainment experiences that resonate with viewers worldwide, all while maximizing
value for our shareholders.”
About
Mega Matrix: Mega Matrix Corp. (NYSE AMEX: MPU) is a holding
company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect majority-controlled
subsidiary of Mega Matrix. Mega Matrix is a Delaware corporation headquartered in Palo Alto, CA. For more information, please contact
info@megamatrix.io or visit: http://www.megamatrix.io.
Key Metrics
The numbers for our key metrics, which include
our quarterly active users (QAU), quarterly paying users (QPU), average membership and top-up streaming service revenue per active user
(ARPU), and average membership and top-up streaming service revenue per paying user (ARPPU), are calculated using internal company data
based on the activity of user accounts. We define an active user as a user who has downloaded and opened FlexTV app at least once. We
define a paying user as a user who has registered for a membership or topping up, provided a method of payment, and is entitled to access
FlexTV services (this membership or topping up does not include participation in free trials or other promotional offers extended by FlexTV
to new users). We define ARPU as average membership and top-up streaming services revenue generated by each active user in one quarter.
We define ARPPU as average membership and top-up streaming services revenue generated by each paying user in one quarter. We use these
metrics to assess the growth and health of the overall business and believe that ARPU best reflects our ability to attract, retain, engage
and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our
user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online
and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates
may change due to improvements or changes in technology or our methodology.
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All
statements in this press release other than statements that are purely historical are forward looking statements. When used in this press
release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,”
“future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words
or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance,
conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of
which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate future
acquisitions; ability to grow and expand our FlexTV business; ability to obtain additional financing in the future to fund capital expenditures;
fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation
involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic
or epidemic; ; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things,
changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that
the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking
statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set
forth under the heading “Risk Factors” in documents filed by the Company with the Securities and Exchange Commission, including
the Company’s latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. In addition,
such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding
the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation
to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of
this press release.
Disclosure Channels
We announce material
information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following
social media channels:
X (f/k/a Twitter): |
twitter.com/MegaMatrixMPU |
Facebook: |
facebook.com/megamatrixmpu
facebook.com/flextvus |
LinkedIn: |
linkedin.com/company/megamatrixmpu |
TikTok: |
tiktok.com/@flextv_english |
YouTube: |
youtube.com/@FlexTV_English |
The Company will also
use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures.
The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social
media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social
media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed
on our website.
Contact: Info@megamatrix.io
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