- Jaxsta (JXT) closes lower following the release of its quarterly report for the June quarter of 2021.
- The company posts a net cash burn result of $1.6 million for the June quarter, which is 20 per cent more than the $1.34 million in cash burn the quarter before
- It comes as Jaxtsa bolstered its development and marketing teams over the quarter and signed on some key personnel to help drive membership uptake
- The company says it is set to launch its Jaxsta Pro Paid Tiers offering before the end of July
- Shares in Jaxta closed 3.03 per cent lower this afternoon at 6.4 cents each
Music database specialist Jaxsta (JXT) closed slightly lower after today’s trading session following the release of its quarterly report for the June quarter of 2021.
The company said it bolstered its development and marketing teams over the quarter and signed on some key new personnel, but the result was a net cash burn result of $1.6 million — 20 per cent more than the $1.34 million of cash burn over the March 2021 quarter.
Jaxsta said a core focus of the June quarter was to gather further insights about its members and use the data to drive membership uptake.
It seems this strategy had some success given that at the end of June, Jaxta had over 96,000 members of its Jaxsta Pro service, which is 8000 more members than at the end of March this year.
The company had around $3.4 million worth of available funding at the end of June 2021.
Jaxtsa’s core technology is a major music database that credits every person involved in the creation of a song.
Rather than simply name the main performer, record label, or writer, Jaxsta’s database names all composers, production and engineering teams, studio mixers, and more, to give credit where credit is due to those behind the scenes of the music industry.
The company is set to launch its Jaxsta Pro Paid Tiers offering before the end of July.
As far as its personnel growth goes, Jaxsta signed on the former General Manager and Senior Vice President of Marketing for Australia at Warner Music Australia, Beth Appleton, as its Chief Marketing Officer.
The company said Ms Appleton is leading the Jaxsta marketing campaign for the upcoming launch of the Jaxtsa Pro Paid tiered subscriptions.
Looking ahead, Jaxtsa said it is planning to launch a dedicated app and to continue its marketing campaign in the coming months while carrying out other strategic development plans over the next year.
Nevertheless, shares in Jaxta closed 3.03 per cent lower this afternoon at 6.4 cents each. The company has a $19 million market cap.