Bingo.com Hoping To Recover from Successive 5 Year LossTuesday, 29 March 2011 | Written by Tami Bayliss
Bingo.com has been reporting revenue loss for the past five years but is not beginning top pick up profits ever since it launched anew marketing strategy. Currently, the online bingo site’s 2010 financial report shows a 69% decline in revenue which amounts to $1.81 million and profits are expected to show at the end of 2011.
The firm’s 2009 financial report showed total revenue of $5.82 million and marked out that the final quarter of the fiscal year 2010 only pulled in $110,884. Although, this was up by 14% from the previous quarter, Bingo.com was noted to be in a 93% decline compared to the previous years’ revenue.
In a statement on the issue, Bingo.com’s CEO Tarrnie Williams stated that Bingo.com faced a tough time last year. He also mentioned that the bingo site joined the UniBet Partner Programme and completely restructured its business strategies and resources. He expressed confidence that the firm’s revenues will show improvement in the near future because of these strategies.
He also noted that in the final quarter of the fiscal year 2010, the bingo site invested in a brand new marketing campaign, which was launched in selected markets in the first quarter of this year. Stating that improvements in revenue will be observed only in the final quarter of 2011, he expressed confidence that Bingo.com’s marketing campaign will greatly enhance the bingo site’s revenue during the first two quarters of the fiscal year 2011.
Bingo.com’s total loss for 2010 amounted to $878,972, which is its fifth successive annual deficit. Simultaneously, the sum is also a slight improvement of 26% from the deficit of $1.18 million it reported in 2009. Although the 2010 arrears of $260,682 mean a 9% improvement, it is just a 6% decline from what was reported in the previous quarter.