- SRAX reports Q3 results, shows significant sales increase
- Company continues to make platforms more accessible internationally
- SRAX added partners, including nonprofit associations that give BIGtoken users opportunity to donate earnings to worthy causes
SRAX Inc. (NASDAQ: SRAX) is a digital marketing and data management technology company. Through SRAX’s BIGtoken platform, consumers have the opportunity to both own and monetize their data.
On September 30, 2019, SRAX reported significant Q3 results. On the financial side, the company saw a vertical sales increase of 17% along with a net income of $1.4 million (http://ibn.fm/99oDl). These gains arose out of a critical quarter for the company that included multiple milestones, including a full integration for international users and the first steps in the process of offering BIGtoken in multiple languages.
Christopher Miglino spoke about the traction that the company’s platforms are gaining, noting that “sales from existing platforms grew 11% and 17%, for Q3 2019 compared to Q2 2019 and Q3 2018, respectively, and are already benefiting from advances in BIGtoken.”
Currently a significant backlash is taking place over the privacy of data between consumers and big social media platforms such as Facebook, Twitter, Snapchat and LinkedIn. SRAX is helping consumers take control over their personal data; its BIGtoken website notes that “as a consumer, you are a commodity that generated billions in revenue last year — and none of it went to you” (http://ibn.fm/6AIZ4).
Consumers can use the BIGtoken app to see how much they have earned from marketers. In addition, using the app, consumers have several opportunities to make money from data that is already being taken for free from social media platforms. For instance, BIGtoken platform users can earn points through surveys and location check-ins as well as earn rewards through purchases. Consumers can redeem their points for cash or gift cards, but the app also provides other choices. SRAX has partnered with a number of nonprofits, including the American Heart Association and HealthCorps, to give BIGtoken users the option to donate their earnings to worthy causes.
The BIGtoken app continues to grow in popularity as the company enhances its features. Currently more than 16 million SRAX users exist worldwide, and this number continues to grow. The company recently formed strategic partnerships in India and the Philippines to help increase the number of users.
Based in Los Angeles, SRAX is a digital marketing and data management technology company focused on building the largest and most valuable opted-in data set in the world. SRAX’s technology unlocks data to reveal brands’ core consumers and their characteristics across marketing channels. SRAX delivers a competitive advantage for brands in the CPG, automotive, investor relations, luxury and lifestyle verticals.
For more information, visit the company’s website at www.SRAX.com
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX