Naples, Florida--(Newsfile Corp. - November 15, 2023) - Music Licensing, Inc. (OTC Pink: SONG), a leading player in the music licensing industry, today announced the commencement of a licensing enforcement and collection litigation campaign, coupled with the launch of a common stock buyback program. This strategic initiative aims to enhance the company's financial health, turn cash flow positive, and reduce the Allowance for Doubtful Accounts.
As of September 30, 2023, Music Licensing, Inc. reported an Allowance for Doubtful Accounts of $897,959,738 USD out of the total revenue of $950,158,699 USD. In response to this, the company is implementing a comprehensive plan to address this financial challenge.
Under the newly proposed common stock buyback program, Music Licensing, Inc. pledges to allocate 25% of all net proceeds towards repurchasing common stock. This move is expected to not only demonstrate the company's confidence in its future prospects but also deliver value to its shareholders.
Moreover, the remaining 75% of the net proceeds will be directed towards the operations of the company. A significant portion of this allocation will fund an intellectual property enforcement campaign, including the resumption of litigation against infringing parties. Notably, the company is prepared to pursue legal action against entities previously involved in litigation, such as Apple Inc, Google, Amazon, and others, unless they enter into licensing agreements beforehand.
This dual-pronged approach reflects Music Licensing, Inc.'s commitment to fortifying its financial position, safeguarding the value of its intellectual property, and ensuring fair compensation for its artists and content creators.
"We are embarking on a strategic path that underscores our dedication to fiscal responsibility and the protection of our valuable intellectual property," said Jake P. Noch, CEO of Music Licensing, Inc. "Through the common stock buyback program and licensing enforcement campaign, we aim to enhance shareholder value, address financial challenges, and reinforce our position as a leader in the music licensing industry."
Music Licensing, Inc. remains focused on maximizing shareholder returns, fortifying its financial standing, and fostering a fair and sustainable music licensing ecosystem.
About Music Licensing, Inc. (OTC Pink: SONG) (ProMusicRights.com)
Music Licensing, Inc. (OTC Pink: SONG), also known as Pro Music Rights, is the 5th public performance rights organization (PRO) to be formed in the United States. Its licensees include notable companies such as TikTok, iHeart Media, Triller, Napster, 7Digital, Vevo, and many others. Pro Music Rights holds an estimated market share of 7.4% in the United States, representing over 2,500,000 works that feature notable artists such as A$AP Rocky, Wiz Khalifa, Pharrell, Young Jeezy, Juelz Santana, Lil Yachty, MoneyBagg Yo, Larry June, Trae Pound, Sause Walka, Trae Tha Truth, Sosamann, Soulja Boy, Lex Luger, Trauma Tone, Lud Foe, SlowBucks, Gunplay, OG Maco, Rich The Kid, Fat Trel, Young Scooter, Nipsey Hussle, Famous Dex, Boosie Badazz, Shy Glizzy, 2 Chainz, Migos, Gucci Mane, Young Dolph, Trinidad James, Chingy, Lil Gnar, 3OhBlack, Curren$y, Fall Out Boy, Money Man, Dej Loaf, Lil Uzi Vert, and countless others, as well as Artificial Intelligence (A.I.) Created Music.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Music Licensing, Inc. & Pro Music Rights, Inc. to accomplish its stated plan of business. Music Licensing, Inc. & Pro Music Rights, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Pro Music Rights, Inc., Music Licensing, Inc., or any other person.
Non-Legal Advice Disclosure:
This press release does not constitute legal advice, and readers are advised to seek legal counsel for any legal matters or questions related to the content herein.
Contact: [email protected]
SOURCE: Music Licensing, Inc.
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