PALO ALTO, Calif., May 8, 2024 /PRNewswire/ -- Mega Matrix Corp. ("MPU" or the "Company") (NYSE: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. ...