LOS ANGELES, July 7, 2020 /PRNewswire/ -- Sanwire Corporation (SNWR), ("Sanwire" or the "Company") (OTC: SNWR), a diversified company focused on the entertainment industry, is pleased to provide revenue growth and guidance for its subsidiary Intercept Music, Inc. ("Intercept") and Art is War Records label ("AIW Records") on a consolidated basis for the second quarter ended June 30, 2020.
Sanwire's revenues for the quarter ended June 30, 2020 have increased approximately 300% since it acquired Intercept on March 5, 2020 and AIW Records on June 9, 2020. Sanwire will be publishing its second quarter financial statements in the coming weeks. All figures are unaudited and based on a consolidated basis.
Sanwire's second quarter revenues encompass one whole quarter for Intercept (April-June 2020) and approximately three weeks of AIW Records June 9-30, 2020. In its first quarter financial statements, Sanwire reported Intercept revenues for the period March 5-31, 2020 on a consolidated basis.
Revenue growth is attributed to an increase in Intercept's customer acquisition as well as its introduction of the Intercept PLUS program. Revenue is expected to continue to grow in the third quarter of 2020 from the rapid expansion of its Intercept Plus program, including physical distribution and retail stores as well as through its acquisition of the AIW Record label.
Additionally, Intercept announced it has expanded its service offerings and expanded its social media reach for artists through its agreement with a UK-based company to offer rapid-fire publishing and scheduling to the world's most popular platforms, including Instagram, Facebook Groups and Pages, Twitter, Linked-In and YouTube, among others, along with campaign and graphic design support. More information on this service will be announced once product integration has been completed.
"The independent music artist market continues to grow and is prime for our business model," said Tod Turner, President of Intercept. "Our revenue growth is a true testament that our product offering is getting traction in the music industry."
Intercept's online platform is dedicated to helping independent artists and bands effectively distribute, promote, and earn income from their music. Intercept's platform gives artists immediate access to hundreds of digital stores and every major streaming platform, including Spotify, Apple Music, Amazon Music, Pandora and Google Music. In addition to powerful DIY social media marketing and promotional tools available on a monthly subscription model, the invitation-only Intercept Plus program offers fully managed promotional services, including the opportunity to sell merchandise through branded online stores.
About Intercept Music, Inc.
Intercept Music, Inc. is an entertainment technology company dedicated to helping independent artists effectively distribute, market, and monetize their music. Sold through a Software as a Service (Saas) model, Intercept's online platform delivers an unsurpassed combination of marketing, promotion, and distribution to hundreds of stores worldwide and every major streaming service, including Apple Music, Google Music, Pandora and Spotify. Intercept's options include full-service, concierge-style support and even one-on-one coaching from award-winning music industry professionals. Intercept focuses exclusively on the independent music market, which is estimated at 12 million artists, and is the fastest-growing sector of the music industry. For more information, visit interceptmusic.com.
About Sanwire Corporation
Sanwire Corporation, a diversified company with a focus on the entertainment industry, has been involved in aggregating technologies for a number of years. We look for opportunities in fragmented markets, where technology can be applied to consolidate services into a single platform of delivery. Our current focus is advanced entertainment technologies. For more information, visit sanwirecorporation.com.
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